Posted on 05/17/2022 11:15:43 PM PDT by McGruff
Tesla CEO Elon Musk has suggested that the U.S. Securities and Exchange Commission should investigate whether Twitter's internal estimate that spam and fake accounts make up less than 5% of users on the social media platform is accurate.
The call to action comes after Musk issued a poll to his more than 97 million Twitter followers asking whether they believe that more than 95% of Twitter users are real.
Representatives for the SEC and Twitter declined to comment.
(Excerpt) Read more at foxbusiness.com ...
20% fake/spam accounts, while 4 times what Twitter claims, could be *much* higher.
My offer was based on Twitter’s SEC filings being accurate.
Yesterday, Twitter’s CEO publicly refused to show proof of <5%.
This deal cannot move forward until he does.
3:32 AM · May 17, 2022
In a lengthy Twitter thread on Monday, Twitter CEO Parag Agrawal said it would be difficult to conduct an external review to determine the percentage of spam and fake accounts on the platform.
“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),” Agrawal explained. “Externally, it’s not even possible to know which accounts are counted as mDAUs on any given day.”
How is that under the SECs purview?
How is that under the SECs purview?
Doesn’t really matter. Twitter stock is about to crater. Advertisers pay Twitter per ad view on Twitter. If they have been paying millions and the fake account range is say 20% or even 50 % and Twitter knew that, then they have been committing a crime.
I was wondering the same thing, then I thought, perhaps the SEC would be involved in anything concerning a business that was traded on the stock exchange. This business is basing it’s value and it’s stock price on the average number of users per quarter. If the evaluation is based on vaporous lies and unproven assumptions, there are going to be questions.
U.S. Securities and Exchange Commission.
Oh, Lord. Who runs that place? Someone from India?
If the company is deliberately creating false account to improve their metrics that's one thing, but what is their responsibility to purge every account that's fake or a bot?
As stated before… I wonder if Elon’s plan all along was to expose Twitter for the bias product it really has become. I’m waiting for ad buyers to sue if their reach was less than stated. I also think Elon wants to rub SEC’s nose in the incorrect numbers filed over the years by Twitter and SEC’s lack of action.
They have to have truthful filings with the SEC that regulates them. Twitter has committed fraud and the Sec can prosecute.
It might be a question of degree. How much is likely fake, or cannot be fully verified?
10%? 30%? 70%? or more?
I have thought this all along. I never thought Musk really wanted to buy Twitter. Pretty clever.
Wait, there are certain filings that Twitter has to make to the SEC. You are saying that the SEC requires Twitter to tell it how many accounts it has? What law is that?
Re: SEC relevance
Musk got his less than 5% number from a SEC filing made by Twitter.
The SEC requires publicly traded companies like Twitter to disclose information that can significantly reduce or elevate the price of their stock.
Who else in their right mind would invest in Twitter, knowing what they know about the company now? That leaves only Musk between a transformed Twitter or its oblivion.
Does Facebook have fake accounts too? If so, prosecute Zuckerberg.
Jack Twitter should go to prison for fraud.
They have provide specific business info which could/should include number of users and revenues based on that number, etc. They’ve lied on SEC filings no doubt. That would show they defrauded investors. SEC Zhas jurisdiction. They should be in jail. Whether SEC will do anything who knows since Twitter is quite possibly a tool of the CIA/FBI.
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