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Fake Accounts Stalls Twitter Takeover

Elon Musk has revealed that he put the deal to buy Twitter on hold following the report he received on the number of fake or spam accounts on the microblogging platform

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Twitter - Investor sking

Tesla owner and world’s richest man, Elon Musk has revealed that he put the deal to buy Twitter on hold following the report he received on the number of fake or spam accounts on the microblogging platform.

“Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users,” Musk tweeted on Friday.

However, the American billionaire reassured his commitment to buy the social media platform.

Investors King gathered that Elon Musk has been expected to take full ownership of Twitter after paying a sum of $44bn (£35bn) to buy one of the biggest social media platforms.

Reports have it that Elon may be looking forward to renegotiate the price of Twitter, or even take a walk away from its ownership, after the new revelation.

According to Dan Ives, a tech analyst at investment firm Wedbush Securities, the implication of this is that the share price of Twitter dropped by 10 per cent in trading on Friday morning in New York, USA.

“Musk’s comments would send this Twitter circus show into a Friday the 13th horror show. Many will view this as Musk using this Twitter filing/spam accounts as a way to get out of this deal in a vastly changing market.

“The nature of Musk creating so much uncertainty in a tweet is very troubling to us. And now sends this whole deal into a circus show with many questions and no concrete answers as to the path of this deal going forward,” he stated in a note.

In contrast, Tesla’s share price gained more than 5%, after Musk tweeted that the deal was temporarily on hold.

Twitter has long faced accusations of not doing enough to address automated, fake accounts posting content, thus introducing the verification icon.

“In a filing more than two weeks ago, Twitter estimated that fake accounts accounted for fewer than 5% of its daily active users during the first three months of this year. It cautioned that the figures were based on estimates and could be higher,” Reuters had reported.

In view of this, an analyst at Hargreaves Lansdown Susannah Streeter has revealed that the number of spambots on the service is a key statistic, as a higher than expected figure could hurt the ability to grow advertising revenue or paid-for subscriptions.

She said: “There will also be questions raised over whether fake accounts are the real reason behind this delaying tactic, given that promoting free speech rather than focusing on wealth creation appeared to be his primary motivation for the takeover”.

She further noted that the $44bn price tag is huge, and it may be a strategy to row back on the amount Musk is prepared to pay to acquire the platform.

“Last month, he raised $8.5bn by selling shares. He also planned to use the shares to secure $6.5bn in loans,” she concluded.

Investors King had earlier reported that two of the top executives of Twitter, Kayvon Beykpour and Bruce Falck were relieved of their positions.

While Beykpour led Twitter’s consumer division Bruce Falck was in charge of the revenue division.

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Fintech

Mastercard And OPay Announce Partenership Deal

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NIBSS

Fintech giants, Mastercard and Opay have announced a partnership deal to foster a global payment ecosystem to boost digital commerce in Middle East Africa and Africa at large.

This comes on the heels of the partnership deal Mastercard signed with Coinbase a couple of months ago to enable payments in the NFT marketplace.

Investors King gathered that the partnership with Mastercard is to simplify users’ experience in the NFT marketplace by allowing millions of people access the Coinbase to mint, purchase, showcase, and discover NFTs. Mastercard has said all the NFT-related transactions would be classified as ‘digital goods’.

This collaboration is the latest step in Mastercard’s emerging market strategy, which involves the technology company collaborating with fast-growing Fintechs like OPay to broaden access to digital transactions, encourage a variety of leisure amenities, develop new financial inclusion trajectories, and endorse the next formation of apps.

Customers are actively asking for a single platform that allows them to do numerous daily tasks more easily, such as sending and receiving money, ordering meals and groceries, scheduling transportation, lending, investing, and putting products for sale.

Customers of OPay will be able to pay on worldwide web platforms using Mastercard’s secure virtual payment system, which is linked to the OPay wallet.

With or without a bank account, OPay customers will benefit from a superior digital experience for a variety of lifestyle services and new digital commerce options.

In addition to enabling digital commerce, the two companies will collaborate to develop solutions that will position OPay at the forefront of financial services in the areas they serve.

Executive Vice President for Market Development, Mastercard EEMEA, Amnah Ajmal, said: “At Mastercard, our innovation strategy is rooted in partnerships to support inclusion at scale. Our partnership with OPay demonstrates our commitment to supporting payments providers across the world to create an interconnected global payments ecosystem that benefits an array of consumers with unique needs.”

CEO of OPay, Yahui Zhou, said: “As the leading fintech in the Middle East and Africa, we are delighted to be partnering with Mastercard as we continue on our journey to promote financial inclusion, helping to open up the global economy to more consumers and businesses across Middle East and Africa.”

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Fintech

Skaleet and Mobiblanc Announce Partnership for a Cutting-edge Technology to Serve Banks Across Africa

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Skaleet

Skaleet, an international fintech providing a next-generation Core Banking Platform (CBP), has partnered today with Mobiblanc, an Agile Digital Services Entreprise (ESN), to offer turnkey solutions to financial institutions across Africa. The partnership will ensure that financial institutions have the capacities to launch new digital and innovative financial solutions that they can provide to their customers, whether businesses or individuals.

Mobiblanc, based in Morocco and Tunisia, is a leading player in North and West African markets entirely devoted to digital solutions. With a talented and dynamic team, Mobiblanc delivers an efficient and effective consulting and integration service for a wide range of clients.

Skaleet enables retail banks and financial institutions to launch new banking products and services for their customers at a competitive price. Through its open, modular, and flexible Core banking Platform, Skaleet offers innovative and scalable banking solutions that are built end-to-end and tailored to each customer.

The digital marketplace is continually, and rapidly, developing and evolving and the partnership between Skaleet and Mobiblanc enables financial institutions to ensure clients stay at the forefront with innovative and cutting-edge technology. Providing the best service and advice to clients, Skaleet and Mobiblanc are able to respond quickly to the digital evolution of banking and financial services with innovative and agile solutions that are competitively priced.

Yves Eonnet, chairman and co-founder of Skaleet said, “Today, it is essential for financial institutions to be able to innovate quickly and adapt to change. The ecosystem we have built relies on expert partners who are aware of this challenge and can find solutions. We quickly saw a cultural, technological and business fit between our two organizations and are delighted to have partnered with Mobiblanc. The partnership will enable us to further expand our offering and add value to our customers across Africa.”

Youssef El Alaoui, co-founder of Mobiblanc, added, “This partnership confirms our strategic orientation to support the digital transformation of the financial sector. We share the ambition with Skaleet to offer integration of innovative solutions with cutting-edge, technological expertise in order to bring added value to our partners and respond to the new business requirement of the sector.”

Both Skaleet and Mobiblanc are committed to continue innovating and creating new modules and functionalities to reshape the banking and financial ecosystem in favour of a formal, inclusive and sustainable development of the African continent.

Skaleet and Mobiblanc will participate at Africa Pay & ID Expo 2022 (APIDE), 26-28 May 2022, Marrakech, Morocco.

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Social Media

“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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