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Twitter Says Musk Signed Deal Without Asking for More Information

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By Reuters | Updated: 18 May 2022

Twitter published its account on Tuesday of its deal negotiations with Elon Musk, showing he opted out of asking the questions about the social media company’s business he has now cited in declaring the $44 billion (roughly Rs. 3,40,923 crore) acquisition is “on hold.”

The account, published in Twitter’s proxy statement that outlines what shareholders need to know to vote on the deal, paints a picture of Musk in a rush to clinch a deal with his “best and final” offer.

Musk negotiated the Twitter deal over the weekend of April 23 and April 24 without carrying out any due diligence, the proxy statement shows.

Since signing the deal on April 25, Musk has questioned the accuracy of Twitter’s public filings about spam accounts representing less than 5 percent of its user base, claiming they must be at least 20 percent. This is despite Twitter stating in its filings that the numbers could be higher than it estimates.

Independent researchers have projected that 9 percent to 15 percent of the millions of Twitter profiles are bots.

Musk tweeted on Tuesday that Twitter Chief Executive Parag Agrawal has refused to show proof for his company’s estimate and that the deal cannot move forward until he does. Twitter’s proxy statement shows that in the run-up to the deal Musk made no effort to get information about the issue.

“Mr. Musk did not ask to enter into a confidentiality agreement or seek from Twitter any non-public info regarding Twitter,” Twitter said in its proxy statement.

The proxy statement makes no mention of threats Musk has tweeted about not going ahead with the deal if he does not get to the bottom of how many spam accounts are on the platform.

Twitter investors appeared convinced that a deal at the agreed price was now out of the question. Twitter shares were trading around $37.55 (roughly Rs. 2,900) on Tuesday afternoon, a discount of more than 30 percent to the $54.20 (roughly Rs. 4,200) per share deal price.

Musk suggested for the first time on Monday at a conference in Miami that the deal could be done at a lower price, without specifying what that could be. He has yet to inform Twitter that he wants to renegotiate the deal.

Legal experts have said Musk would likely lose in court if he tried to walk away from a deal. But they say that any litigation would likely be protracted and cast uncertainty over Twitter’s business. Even companies that have prevailed in court over their acquirers have ended up negotiating financial settlements.

Musk is contractually obligated to pay a $1 billion (roughly Rs. 7,750 crore) break-up fee if he does not complete the deal, but Twitter can sue for “specific performance” to force Musk to complete a deal and obtain a settlement from him as a result.

Ann Lipton, a professor at Tulane University Law School, said the fact that Musk had not asked Twitter for information before signing the deal meant he would now have to show that the company’s public filings were wrong and posed significant long-term financial issues — a high legal bar.

“Twitter has long said ‘this is our estimate of spam but we might be wrong.’ So it’s not clear that they said anything false,” Lipton said.

COMMITTED TO THE DEAL

Twitter said on Tuesday it remained committed to the deal at the agreed price and expected it to be completed in 2022.

The San Francisco-based company said in its proxy statement that Musk expressed his interest in joining its board or taking it private on March 26. This would indicate that Musk mischaracterised his stake of more than 9 percent in Twitter as passive when he revealed it in a regulatory filing on April 4. He subsequently clarified it was an active stake.

Representatives of Musk did not respond to requests for comment.

Musk also told Twitter that he contemplated starting a competitor, according to the proxy statement.

Twitter’s CEO, Agrawal, is entitled to a $60.2 million (roughly Rs. 466 crore) golden parachute if the deal closes, while the company’s chief financial officer, Ned Segal, would get $46.4 (roughly Rs. 360 crore) million, the proxy shows. Twitter’s top lawyer, Vijaya Gadde, would be paid $30 million (roughly Rs. 232 crore).

Goldman Sachs Group Inc stands to be paid $65 million (roughly Rs. 503 crore) for advising Twitter once the deal is completed, having already been paid $15 million (roughly Rs. 116 crore), the proxy statement shows.

Another Twitter adviser, JPMorgan Chase & Co, stands to be paid $48 million (roughly Rs. 372 crore) once the deal closes, having already made $5 million (roughly Rs. 39 crore) for its fairness opinion to the company.

© Thomson Reuters 2022

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Facebook Acted on Over 27 Million Pieces of Content in India for Guideline Violations in April

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According to Meta's India Monthly Report, it acted on 17 percent of complaints raised for "bullying or harassment."
By Press Trust of India | Updated: 3 June 2023

Social media giant Meta’s Facebook took action against 41 percent of complaints it received from users and Instagram against over 54 percent of grievances raised by users in April 2023, according to the company’s latest India Monthly Report. As per the category-wise information disclosed by Meta, Facebook “actioned on” less than one-fourth of grievances of users where they claimed that the content is showing them in partial nudity or in a sexual act.

In the case of Instagram, the platform actioned on less than one-third of users’ reports it received for violation of its policy on “content showing me in nudity/partial nudity or in a sexual act”.

Meta transparency report shows the other categories of the report, on which Facebook’s action rate was less than a quarter of the percentage, including grievances raised by users for “bullying or harassment” (over 17 percent), “inappropriate or abusive content” (around 18 percent) and fake profiles (over 23 percent).

Facebook received a total of 8,470 grievances from users and provided tools for users to resolve their issues in 2,225 cases.

“Of the other 6,245 reports where the specialized review was needed, we reviewed content as per our policies, and we took action on 1,244 reports in total,” Meta said in the report for Facebook.

The category-wise details of action taken on 1,244 additional reports were not disclosed by Facebook.

Facebook on its own acted on over 27.7 million pieces of content that it found were violating its community guidelines across 13 policies.

The top three categories on which Facebook took action on its own comprised 21.7 million spam content, 1.6 million content faced action for violating policy around adult nudity and sexual activity, and 1.4 million for violent and graphic content.

Instagram received 9,676 grievances from users, out of which it acted on 5,255 incidents.

The company provided tools for users to resolve their issues in 3,591 cases.

Instagram provided tools only in around 11 percent of cases where users reported their account being hacked, and around 30 percent in cases where users claimed that the content showed them in partial nudity or in a sexual act.

“Of the other 6,085 reports where the specialized review was needed, we reviewed content as per our policies, and we took action on 1,664 reports in total,” Meta said for action taken by Instagram.

The category or the policy-wise details of 1,664 reports were not shared by the company in the report.

Instagram on its own acted against over 5.46 million content.

Meta received five orders from the Grievances Appellate Committee (GAC) on which it acted.

The GAC looks into complaints of users who are not satisfied with the resolution of social media majors.

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Twitter Exits Voluntary EU Disinformation Code but Obligations Remain, EU Commissioner Says

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The EU's disinformation code includes signatories like Facebook parent Meta, Google, Microsoft, and TikTok.
By Agence France-Presse | Updated: 27 May 2023

Twitter has decided to leave the EU’s disinformation code, a voluntary pact that groups together the major social platforms, but “its obligations remain,” EU Industry Commissioner Thierry Breton tweeted Saturday.

Launched in 2018, the EU’s code of practice on disinformation counts nearly three dozen signatories including the giants in the sector such as Meta, Google, Twitter, Microsoft and TikTok.


Twitter leaves EU voluntary Code of Practice against disinformation.

But obligations remain. You can run but you can’t hide.

Beyond voluntary commitments, fighting disinformation will be legal obligation under #DSA as of August 25.

Our teams will be ready for enforcement.— Thierry Breton (@ThierryBreton) May 26, 2023

It also covers smaller platforms, as well as advertisers and fact-checkers and non-governmental organisations.

The code was written by the industry players themselves and contains over three dozen pledges such as better cooperation with fact-checkers and not promoting actors distributing disinformation.

“You can run but you can’t hide. Beyond voluntary commitments, fighting disinformation will be legal obligation under DSA (digital services law) as of August 25,” he wrote.

“Our teams will be ready for enforcement,” he warned.

Since buying the social network six months ago, billionaire Elon Musk has relaxed the moderation of problematic content, which appears to have amplified the voices of notorious propagators of disinformation on the platform.

“If (Elon Musk) doesn’t take the code seriously, then it’s better that he quits,” a European Commission official had told AFP on Friday.

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Twitter Says Indian Among Top 5 Countries That Sought Account Information of Users in First Half of 2022

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The top five requesting countries seeking account information were India, the US, France, Japan, and Germany.

By ANI | Updated: 27 April 2023

India was among the top requesting countries to remove content from Twitter last year, the popular microblogging platform said in a blog post. On Tuesday, Twitter shared data on its health and safety efforts and said it received approximately 53,000 legal requests to remove content from governments across the globe from January 1 to June 30, 2022.

The top five requesting countries seeking account information were India, the US, France, Japan, and Germany.

“Twitter continues to take action on content that violates our Rules and protects users’ rights in response to government legal requests,” the blog read.

During the January-June 2022 period, Twitter required users to remove 6,586,109 pieces of content that violated its norms, an increase of 29 percent from the second half of 2021.

Twitter said it took enforcement action on 5,096,272 accounts during the period, a 20 percent increase and 1,618,855 accounts were suspended for violating the rules, which is an increase of 28 percent.

The contents that were removed or accounts suspended relate to abuse/harassment, child sexual exploitation, hacked materials, hateful conduct, impersonation, non-consensual nudity, perpetrators of violent attacks, private information, promoting suicide or self harm, sensitive media, terrorism/violent extremism, and violence.

“We intend to share more about our path forward for transparency reporting later this year,” according to the blog post.

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Twitter Blue Subscribers’ Verified Accounts Are Now ‘Prioritised’, Elon Musk Says

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Elon Musk had promised that Twitter users who subscribe to the platform's premium service would be prioritised in replies and could participate in polls.
By Agencies | Updated: 25 April 2023

Twitter CEO Elon Musk has made an important announcement regarding the accounts which are blue tick verified. The changes which Musk has made on Twitter after his takeover have been wide-ranging. Adding another pointer to his updates is about getting verified accounts prioritised. The information came on Tuesday as Elon Musk tweeted, “Verified accounts are now prioritised”.

Due to the recent development, several celebrities have lost their verified blue ticks from their Twitter accounts. As multiple accounts have started paying, the announcement will definitely motivate others to join the bandwagon.

The blue tick served as a way of protecting well-known individuals from impersonation and tackling false information.

“On April 1st, we will begin winding down our legacy verified program and removing legacy verified checkmarks. To keep your blue checkmark on Twitter, individuals can sign up for Twitter Blue,” Twitter said in a post in March.

Twitter first introduced the blue check mark system in 2009 to help users identify that celebrities, politicians, companies and brands, news organizations and other accounts “of public interest” were genuine and not impostors or parody accounts. The company didn’t previously charge for verification.

Musk launched Twitter Blue with the check-mark badge as one of the premium perks within two weeks of the company’s takeover last year.

Over the weekend, Twitter restored verification badges on several high-profile celebrity accounts with millions of followers, just days after the microblogging platform culled the legacy blue checkmarks for non-paying users.

The move assumes significance as Indian celebrities and top politicians from Shah Rukh Khan and Salman Khan to Congress leader Rahul Gandhi lost verified blue ticks on their Twitter accounts this week after Elon Musk-led microblogging site started removing checkmark icons from accounts that did not pay a subscription fee.

The coveted blue ticks have now made a surprising comeback on accounts of these celebrities. Top cricketers such as Sachin Tendulkar and Virat Kohli who lost the blue tick mark on their Twitter handles, have also got them back.

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Meta Lays Off Engineers, Adjacent Tech Teams as Employees Express Frustration With Job Cuts

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Facebook parent Meta is also shelving lower-priority projects and "flattening" layers of middle management.
By Reuters | Updated: 20 April 2023

Meta Platforms on Wednesday carried out another round of job cuts, this time hitting engineers and adjacent tech teams, as Chief Executive Mark Zuckerberg further moved to streamline the business in a bid to make 2023 a “year of efficiency.”

Meta in March became the first Big Tech company to announce a second round of mass layoffs, which it said would take place in three main batches over several months and impact 10,000 employees.

Wednesday’s cuts, though expected, prompted expressions of frustration from Meta employees. Layoffs were the subject of the most popular questions posted on an internal company forum on Wednesday ahead of an upcoming employee town hall.

“You’ve shattered the morale and confidence in leadership of many high performers who work with intensity. Why should we stay at Meta?” read one question seen by Reuters.

The question references comments Zuckerberg made last year urging employees to work with more “intensity” to meet the Facebook and Instagram parent company’s business challenges.

The company declined a Reuters request for comment.

Meta’s first round of layoffs in the fall hit more than 11,000 employees, or 13 percent of its workforce at the time, and preceded other major tech companies shedding thousands of employees after a pandemic-led boom in digital advertising and cloud computing.

With the restructuring, Meta is also shelving lower-priority projects and “flattening” layers of middle management.

Investors have rewarded the company for downsizing.

Meta shares have surged about 80 percent this year, outperforming the tech-heavy Nasdaq Composite’s 16 percent rise in the period.

The company, which will announce its first-quarter results on April 26, is expected to benefit from a modest pickup in the digital advertising market and regulatory pressure on chief rival TikTok.

© Thomson Reuters 2023

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Elon Musk Modifies ‘Government Funded Media’ Label for CBC After Publisher Pauses Twitter Activity

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The CBC says it has paused activity on its corporate Twitter account and all CBC and Radio-Canada news-related accounts.
By ANI | Updated: 18 April 2023

Elon Musk on Monday responded to Canada’s public broadcaster’s saying it will pause its activities on Twitter after being labelled as “government-funded media”.

Replying to CBC’s threats, Elon Musk tweeted, “Canadian Broadcasting Corp said they’re ‘less than 70 percent government-funded, so we corrected the label.”


Canadian Broadcasting Corp said they’re “less than 70% government-funded”, so we corrected the label pic.twitter.com/lU1EWf76Zu— Elon Musk (@elonmusk) April 18, 2023

Earlier, CBC spokesperson Leon Mar said, “Twitter can be a powerful tool for our journalists to communicate with Canadians, but it undermines the accuracy and professionalism of the work they do to allow our independence to be falsely described in this way,” CBC reported.

“Consequently, we will be pausing our activity on our corporate Twitter account and all CBC and Radio-Canada news-related accounts,” he added. Meanwhile, on Twitter, CBC said, “Our journalism is impartial and independent. To suggest otherwise is untrue. That is why we are pausing our activities on @Twitter.” Earlier, BBC and NPR have been labelled as “government-funded media” organisations. The @BBC account – which has 2.2 million followers – is currently branded as government funded. The label has not been given to the BBC’s other accounts, including BBC News (World) and BBC Breaking News, reported CNN. Twitter has not given a definition for what it considers “government-funded media” to constitute. In a statement provided to CNN, the BBC said, “We are speaking to Twitter to resolve this issue as soon as possible. The BBC is and always has been, independent. We are funded by the British public through the licence fee.”

BBC’s branding comes after a row erupted between Musk and the American NPR network after Musk changed NPR’s label to “state-affiliated media” – which effectively suggested the US government could influence its editorial policy and compare it to outlets such as the Kremlin-funded Russia Today.

After being labelled as “Government-funded”, NPR said that it would stop using Twitter at all, New York Times reported.

Isabel Lara, NPR’s chief communications officer, said in a statement, “NPR’s organisational accounts will no longer be active on Twitter because the platform is taking actions that undermine our credibility by falsely implying that we are not editorially independent.” “We are not putting our journalism on platforms that have demonstrated an interest in undermining our credibility and the public’s understanding of our editorial independence,” she added.

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