Fri, December 09, 2022

Twitter says spam accounts are less than 5% of users

Twitter logo photo.

Twitter Inc. estimated that false or spam accounts represented less than 5.00% of its monetizable daily active users during the first quarter.

Subsequently, the social media firm reported 229.00 million users in its recent earnings report. Then, it has about 40.00 million daily active users in the United States.

This disclosure came days after Tesla Inc. CEO Elon Musk tweeted that one of his priorities would be to remove spambots from the platform.

The billionaire has inked a deal to acquire the microblogging platform for $44.00 billion. This move has raised questions among employees and the public about his strategy for running the social networking business.

Twitter stated in the filing that it grappled with several risks until the closing of Musk’s deal. For instance, the firm is uncertain whether advertisers would continue to spend on the platform. It also noted potential risks regarding its future plans and strategy.

Meanwhile, Musk said that an essential measure of success would be whether the company could expand its audience significantly. He wanted the platform to be as broadly inclusive as possible.

He aims to involve most Americans on the site, while remaining trusted. The billionaire also mentioned that he would make Twitter transparent on promoting or demoting tweets.

Accordingly, Elon Musk disposed of $8.40 billion worth of Tesla shares last week. This move followed his bid to take the social media giant.

In his purchasing plan, he secured $25.50 billion of fully committed debt. This includes $12.50 billion in loans against his Tesla stock.

Remarkably, he would have to pay Twitter a termination fee of $1.00 billion if he fails to secure enough funding. Meanwhile, the tech company would owe Musk a $1.00 billion breakup fee if it received a competing offer.

Musk ties up less of his wealth in Twitter deal

Meanwhile, reports revealed that Musk is currently in talks with large investment firms and high net-worth individuals. The billionaire aims to take more financing for his Twitter buyout offer, tying up less of his wealth.

The Tesla executive is the world’s richest person, with Forbes estimating his net worth at about $245.00 billion.  However, his electric car company holds most of his money.

In line with this, the new financing could save the $21.00 billion cash contribution that Musk has initially committed. Last month, banks agreed to provide $13.00 billion in loans.

Then, private equity companies Apollo Global and Ares have been in talks about providing the financing.

Moreover, Musk asked Twitter’s significant shareholders about the possibility of rolling their stake into the deal rather than cashing out.

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