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Twitter Shares Gained 9% in Premarket as Musk Joins Twitter Board

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Elon Musk's SpaceX Raised $850 million at $74 billion valuation

Elon Musk has been appointed to the Twitter board just 24 hours after he acquired a 9.2% stake in the social media company.

In a filing with the Securities and Exchange Commission on Tuesday, the new board member has been restricted from acquiring more than a 14.9% stake in the company during his time on the board and three months after he leaves the board. The billionaire’s term on the Twitter board will expire in 2024 at Twitter’s annual meeting.

Twitter shares extended their gain by 9% after rising by 27% in the previous session, suggesting that the news delighted Twitter investors and Elon Musk’s over 80 million followers on the social media platform.

On Monday, 50 years old Elon Musk had set up a poll asking if his followers would like to have an edit button on Twitter, this was a few hours after the billionaire dumped $2.9 billion on a 9.2% stake in Twitter.

Speaking on the appointment, Twitter CEO Parag Agrawal, in a tweet, said he’s “excited” about appointing Musk to the board. “He’s both a passionate believer and intense critic of the service which is exactly what we need on @Twitter, and in the boardroom, to make us stronger in the long-term.”

Musk is now the largest shareholder in the company and was likely appointed to the board to curb his individual decision-making and the possibility of using his 80 million followers and stake in the company to force the board of the company to compromise on core values.

 

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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“We Suspend Over Half A Million Spam Accounts Every day” – Twitter CEO Reveals

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Twitter - Investor sking

Twitter CEO, Parag Agrawal has revealed that Twitter suspends over half a million spam accounts on the site every day.

In a series of tweets, the tech guru discussed extensively on the issue of Spam,  how the impacts have affected human work, and how the company works extensively to solve them.

This comes barely three days after Investors King reported the reasons Parag sacked top Twitter officers.

“First, let me state the obvious: spam harms the experience for real people on Twitter, and therefore can harm our business. As such, we are strongly incentivized to detect and remove as much spam as we possibly can, every single day. Anyone who suggests otherwise is just wrong.

“Next, spam isn’t just ‘binary’ (human / not human). The most advanced spam campaigns use combinations of coordinated humans + automation. They also compromise real accounts, and then use them to advance their campaign. So – they are sophisticated and hard to catch.

“Some final context: fighting spam is incredibly *dynamic*. The adversaries, their goals, and tactics evolve constantly – often in response to our work! You can’t build a set of rules to detect spam today, and hope they will still work tomorrow. They will not

“We suspend over half a million spam accounts every day, usually before any of you even see them on Twitter. We also lock millions of accounts each week that we suspect may be spam – if they can’t pass human verification challenges (captchas, phone verification, etc),” he tweeted.

Further emphasizing on the challenge the team encounters, Parag said: “many accounts that seem like spam are real accounts and they cause the most damage to other users. In retrospect to that, the team updates the systems and rules constantly to remove as much spam as possible, without inadvertently suspending real people or adding unnecessary friction for real people when they use Twitter”.

He added that the use of private data is particularly important to avoid misclassifying users who are actually real.

“FirstnameBunchOfNumbers with no profile pic and odd tweets might seem like a bot or spam to you, but behind the scenes we often see multiple indicators that it’s a real person”, he said.

 

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Twitter CEO Supports Elon Musk’s Decision To Suspend Takeover

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Twitter Tip Jar- Investorsking

Chief Executive Officer, Twitter, Parag Agrawal has supported the decision of Elon Musk to place the takeover of Twitter on hold. Parag Agrawal, in his tweet, supported the result of the Twitter report on spam accounts at less than five percent of users.

Investors King recalls that Elon Musk had said he would place the Twitter takeover on hold following the report by the company on fake/spam accounts.

Analysts have speculated that Musk may be looking for ways to renegotiate the price of the deal or walk away. Their findings erupted further on Monday after Bloomberg reported that Musk had said at a tech conference that a deal at a lower price was “not out of the question.” He also said spam accounts might be four times Twitter’s claims, according to the report.

However, Mr Agrawal defended the firm’s count, saying he would discuss the issue with data and facts. He explained that the company used a combination of public and private data to determine which accounts were real, reviewing random samples every few months. He added that Twitter suspended roughly 500,000 suspect accounts daily and locked millions more.

“Let’s talk about spam. And let’s do so with the benefit of data, facts, and context. Unfortunately, we don’t believe that this specific estimation can be performed externally, given the critical need to use both public and private information (which we can’t share). Externally, it’s not even possible to know which accounts are counted as mDAUs on any given day.

“There are LOTS of details that are very important underneath this high-level description. We shared an overview of the estimation process with Elon a week ago and look forward to continuing the conversation with him, and all of you.

“The margins of error are well within its estimate of spam accounts representing less than five percent of daily users,” Mr Agrawal said.

However, the stock market, which has seen weeks of turmoil wipe billions off the value of many companies, remains skeptical that the deal will go through as outlined.

The price of a Twitter share has fallen below $38, sliding more on Monday after Mr Agrawal’s tweets. This is less than the price of the stock before Mr Musk revealed his interest in the company and well below the $54.20 per share he has offered.

Twitter’s board approved the takeover last month, but the deal was not expected to be completed for months.

An analyst at Wedbush Securities, Dan Ives said that a major fall in Tesla shares- which were critical to Mr Musk’s financing of the deal – and wider market declines have caused Musk to get “cold feet”.

Dan said while he expects the deal to close, there is a need to be prepared for all scenarios and always do what’s right for Twitter.

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Twitter CEO Reveals Reasons Behind Sack of Top Officers

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Elon Musk and Twitter
Chief Executive Officer of Twitter, Parag Agrawal has disclosed that the company sacked two of its officials in order to reduce costs and as well, fight against the economic challenges being faced by the company.

Parag insisted that he is committed to doing the right thing and as well, taking some drastic decisions in the wake of Twitter’s sale to Elon Musk.

Investors King had earlier reported that Elon disclosed that his decision to buy Twitter has been put on hold due to the current data on spam/fake accounts on Twitter. Parag is however confident that the deal will still go through.

According to Parag, the two sacked officers are Kayvon Beykpour, who was in charge of the consumer division, and Bruce Falck, who was in charge of revenue.

Further revealing the reasons behind the sack, Parag wrote on Twitter: “A lot has happened over the past several weeks. I’ve been focused on the company and haven’t said much publicly during this time, but I will now. We announced changes to our leadership team and operations yesterday. Changes impacting people are always hard. And some have been asking why a ‘lame-duck’ CEO would make these changes if we’re getting acquired anyway. The short answer is very simple:

“While I expect the deal to close, we need to be prepared for all scenarios and always do what’s right for Twitter. I’m accountable for leading and operating Twitter, and our job is to build a stronger Twitter every day. No one at Twitter is working just to keep the lights on. We take pride in our work. Regardless of the company’s future ownership, we’re here improving Twitter as a product and business for customers, partners, shareholders, and all of you.

“People have also asked: why manage costs now vs after close? Our industry is in a very challenging macro environment – right now. I won’t use the deal as an excuse to avoid making important decisions for the health of the company, nor will any leader at Twitter”.

Parag concluded that he would continue to attract deep complexities of Twitter’s service and business, adding that the company can expect more change for the better.

He also promised to constantly bring more transparency to the work he does at the company.

“You won’t see tweets from me on the ‘topic of the day’ or the loudest sound bite, but rather on the ongoing, continuous, and challenging work our teams are doing to improve the public conversation on Twitter,” he added.

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