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Elon Musk urges the SEC to evaluate the number of Twitter users

Elon Musk, during an event at SpaceX Headquarters in Hawthorne, California, USA, on Thursday, October 10, 2019.

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Amid the deal to buy Twitter, Elon Musk has asked the US Securities and Exchange Commission to take a closer look at the social network’s user numbers.

Musk, CEO of Tesla and SpaceX, wrote in an informal Twitter poll Tuesday, “Twitter claims that> 95% of daily active users are real, unique people. Does anyone have that experience?”[ads1]; He then said, in response to a follower, who suggested the SEC launch an investigation, “Hi @SECGovanyone at home? “

The SEC has been aware of Twitter’s scary calculations for years.

Musk agreed to buy Twitter last month for $ 44 billion, but has since said that the deal is on hold while he looks at robots, spam and counterfeits. Twitter has said it still expects the transaction to go through at the agreed price of $ 54.20 per share.

Investors have dumped the shares due to concerns that Musk will leave his deal, which would force him to pay a $ 1 billion breach fee. Twitter shares have given up all their gains since Musk first revealed its 9% stake in the company early last month.

Shares of Twitter rose 2.5% on Tuesday to $ 38.33, below the closing price of $ 39.31 on April 1, the last trading session before Musk revealed its minority ownership.

In its first-quarter financial filing this year, Twitter acknowledged that there are a number of “fake accounts or spam accounts” on the platform, along with legitimate revenue-generating daily active users or users (mDAUs). The company said it estimated that the average of fake accounts or spam accounts represented less than 5% of mDAUs during that period.

Twitter has also admitted to overestimating user numbers by 1.4 million to 1.9 million users over the last 3 years.

“In March 2019, we launched a feature that allowed people to link multiple separate accounts together to easily switch between accounts,” Twitter revealed. “An error was made at that time, so actions performed through the primary account resulted in all associated accounts being counted as mDAU.”

Musk has repeatedly expressed his contempt for the SEC, including on Twitter in October 2018when he called the agency the “Shortseller Enrichment Commission,” and in July 2020 when he wrote: “SEC, acronym in three letters, the middle word is Elons.”

The SEC previously accused Musk of securities fraud in 2018 after he tweeted that he was considering taking his car company private at $ 420 per share and had “financed the secured”. They reached a settlement agreement to resolve the matter. But Musk has said that the FSA’s ongoing investigations constitute harassment.

SEE: Elon Musk does not appear to have evidence for his fines

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