Business
Elon Musk worries over Twitter fake accounts, gives fresh takeover conditions
Tesla Chief Executive Officer and world’s richest person Elon Musk has expressed concerns about presence of fake accounts on the Twitter platform.
He has thus cast further doubt over his $44bn (£35bn) takeover of Twitter after stating the deal “cannot move forward” until the social media company proves that less than five per cent of its users are fake or spam accounts.
The Tesla chief executive used his Twitter account to say the agreed deal would not progress until the firm showed proof that only a small proportion of its users were fake.
“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.”
Musk announced last week that the deal was “on hold” after he queried Twitter’s claim in filings with the US financial regulator, the Securities and Exchange Commission, that a small proportion of its users were fake or spam.
The Twitter chief executive, Parag Agrawal, attempted to address Musk’s concerns in a lengthy tweet thread on Monday but his efforts to explain the problem “with the benefit or data, facts, and context” were met with a poo emoji from the world’s richest man.
Without citing a source, Musk claimed in a tweet that Twitter is “20% fake/spam accounts” and suggested Twitter’s filings with the Securities and Exchange Commission were misleading. The company has said that less than 5% of its daily active users are spam accounts.
Twitter’s shares were down 1.7% in premarket trading Tuesday. The stock has erased all its gains in the weeks since Musk disclosed his stake the company and is now trading at $36.80 per share — well below Musk’s offer price of $54.20 per share.
“Twitter is committed to completing the transaction on the agreed price and terms as promptly as practicable,” the company said in a statement Tuesday.
On Monday, Musk exchanged a series of tweets with Twitter CEO Parag Agrawal about the spam account issue.
Twitter (TWTR) suspends “over half a million spam accounts every day,” Agrawal wrote. He also reiterated the 5% statistic, saying that estimate is based on “multiple human reviews … of thousands of accounts” sampled at random. Twitter has previously acknowledged that while it believes its estimates to be “reasonable,” the measurements were not independently verified and the actual number of fake or spam accounts could be higher.
Agrawal’s initial 13 tweets were met with a reply from Musk that was reflective of the unusual and extremely online nature of the deal: a poop emoji.
Musk followed up with a somewhat more thoughtful question. “So how do advertisers know what they’re getting for their money?” Musk asked “This is fundamental to the financial health of Twitter,” he added.
Musk has repeatedly spoken out against bots and spam accounts on Twitter, once describing cryptocurrency spam bots as the platform’s “single most annoying problem.” Anyone familiar with the replies to Musk’s tweets knows they are full of such scams, many of which attempt to leverage Musk’s name.
“The bot issue at the end of the day … feels more to us like the “dog ate the homework” excuse to bail on the Twitter deal or talk down a lower price,” Dan Ives and John Katsingris, analysts at Wedbush Securities, wrote in a note on Monday.
In his Twitter thread, Agrawal said most spam campaigns on Twitter use a combination of humans and automation, rather than being primarily led by bots. Parsing through legitimate and fake accounts can be complicated, he said.
“The hard challenge is that many accounts which look fake superficially — are actually real people,” he said. “And some of the spam accounts which are actually the most dangerous — and cause the most harm to our users — can look totally legitimate on the surface.”
Agrawal said Twitter had been in touch with Musk on the spam issue.
“We shared an overview of the estimation process with Elon a week ago and look forward to continuing the conversation with him, and all of you,” he added.
Sources: CNN and The Guardian
Aviation
Aviation workers threaten nationwide airports shutdown over Customs officer assault
Aviation workers threaten nationwide airports shutdown over Customs officer assault
Aviation unions have announced plans to shut down airports across Nigeria starting March 31 in protest against the failure to remove a customs officer who allegedly assaulted the Director of Aviation Security at the Federal Airports Authority of Nigeria (FAAN).
In a joint statement signed by Ocheme Aba (NUATE), Frances Akinjole (ATSSSAN), and Abdul Rasaq Saidu (ANAP), the unions condemned the repeated physical assaults on FAAN staff, vowing not to tolerate such incidents any longer.
The unions also called on the government to urgently reduce the number of customs officers operating within the aviation sector, aligning with global best practices. They warned that if their demands are not met, they will proceed with the nationwide shutdown, potentially disrupting air travel and operations.
The statement reads: “Considering the enormity and frequency of physical and psychological assault on the staff and management personnel of FAAN, of which there is no end in sight, we are compelled to inform the management of the unwavering determination of our unions to cause the establishment of a clear framework of mutual respect among FAAN staff and the security agencies operating at the airports.
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“Consequential sanctions are in place which guarantee the safety and human rights of FAAN staff. We shall direct all the workers to withdraw from the airports with effect from March 31, 2025, pending when such protocols are established.
“The recent assault on no less a personality than the Director of Aviation Security of FAAN is one too many, which leaves a taste too bitter to swallow. It is our sincere hope that our demand in the above respect is well met to avoid the industrial conflagration that will ensue in the absence of acceptable remedial actions.”
In response, Abdullahi Maiwada, the spokesperson for Customs, stated in a recent release that the disagreement between FAAN officials and officers of the Nigeria Customs Service (NCS) stemmed from a miscommunication over equipment movement and seating arrangements.
Aviation workers threaten nationwide airports shutdown over Customs officer assault
Business
SEC announces stricter measures to protect investors
SEC announces stricter measures to protect investors
The Securities and Exchange Commission (SEC) has reaffirmed its commitment to protecting investors in Nigeria’s capital market by cracking down on fraudulent activities.
According to the Director-General of SEC, Dr. Emomotimi Agama, operators engaging in unscrupulous practices will face strict penalties as the Commission prioritizes safeguarding investor interests.
“So, clearly for us, it is getting people to understand that there is no hiding place anymore for anybody that has the intention to defraud Nigerians and to defraud anybody that is investing in this market,” Dr. Agama stated, emphasizing the Commission’s zero-tolerance policy.
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Dr. Agama highlighted that the Investments and Securities Act (ISA) 2007 serves as the framework for securities regulation in Nigeria, ensuring that market operators adhere to high ethical standards.
He emphasized the importance of the “fit and proper person’s test,” which requires operators to meet specific regulatory criteria to maintain their licenses.
“This is because the very ethics of regulating or registering a securities market operator is in the principle of the fit and proper person’s test,” he explained.
“What you have been seeing most recently by the revocation of licenses, the suspension of operators and our follow-up to operators that are not registered with the SEC is only a tip of the iceberg as to what we intend to do this year.”
Dr. Agama assured stakeholders that the SEC will leverage its regulatory powers under Nigerian law to deter fraudulent activities, noting, “We believe strongly that a protected investor is a powerful investor.”
SEC announces stricter measures to protect investors
Business
Bitcoin rises above $86,000 as crypto market gains momentum
Bitcoin rises above $86,000 as crypto market gains momentum
Bitcoin and other leading cryptocurrencies extended their gains on Monday, buoyed by positive investor sentiment despite concerns over upcoming U.S. tariffs and key economic data releases later this week.
As of 7am WAT, Bitcoin rose 3.2% to $86,590, while Ethereum gained 2.3%, trading at $2,047.
The global cryptocurrency market capitalization increased by 2.94% in the past 24 hours, reaching $2.84 trillion.
Other notable performers included XRP, Cardano, and Dogecoin, which posted gains of 3%, 2%, and 3.8%, respectively. Chainlink, Avalanche, Hedera, and Stellar recorded growth ranging from 3% to 10%.
“Bitcoin is holding above $86,000, registering a 3% gain today. The key resistance level to watch is $86,700; a breakout could pave the way for $90,000,” said Vikram Subburaj, CEO of Giottus.
Bitcoin’s market capitalization surged to $1.727 trillion, with dominance rising to 60.73%. Its 24-hour trading volume soared by 93% to $18.2 billion, while stablecoin transactions accounted for 94.74% of total crypto trading, reaching $57.58 billion, according to CoinMarketCap.
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Solana Outperforms Peers Amid Positive Market Sentiment
Solana (SOL) emerged as a standout performer, surging over 7% in the past 24 hours to trade above $139.
The rally was fueled by reports suggesting that President Trump’s April 2 tariffs may be more targeted than initially feared, easing market concerns.
Weekend rumors indicated that the tariffs might include country exemptions and non-cumulative charges on metals, contributing to improved sentiment across global markets.
The Federal Reserve’s projections for two rate cuts this year further supported risk assets, with the central bank describing potential tariff-induced inflation as “transitory.”
BitMEX co-founder Arthur Hayes expressed optimism about Bitcoin’s trajectory, stating, “The Fed’s policy orientation could help Bitcoin achieve $110k before it retests $76.5k.”
Solana’s momentum aligns with unprecedented acceptance rates. DeFiLlama reported that Solana’s total value locked (TVL) reached 54.87 million SOL, its highest level since June 2022. Ali Charts revealed that a record 11.09 million addresses now hold SOL, underscoring growing adoption.
Bitcoin rises above $86,000 as crypto market gains momentum
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