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Musk Pauses Twitter Deal

Elon Musk’s $44 billion acquisition of Twitter is on hold, according to the Tesla CEO and billionaire, due to the level of fake accounts. However, the details Musk is citing as the reason have been known since 2019, Newsweek has learned. Musk’s announcement that the deal is on hold wiped 15 percent off Twitter’s share price in pre-market trading. Musk said in a tweet on Friday that the Twitter deal is temporarily on hold pending details supporting the calculation that spam/fake accounts do indeed represent less than 5% of users. Musk’s on-hold statement included a link to a Reuters article in which a summary of the filing mentioned the 5 percent figure. The article made no mention of previous filings. Twitter said in its first-quarter 2022 letter to shareholders that it has performed an internal review of a sample of accounts and estimated that the average of false or spam accounts during the first quarter of 2022 represented fewer than 5% of our mDAU during the quarter. The false or spam accounts for a period represent the average of false or spam accounts in the samples during each monthly analysis period during the quarter. In making this determination, we applied significant judgment, so our estimation of false or spam accounts may not accurately represent the actual number of such accounts, and the actual number of false or spam accounts could be higher than we have estimated. However, the company has said almost wordfor-word the same thing in the previous 11 quarterly reports, changing only the date in the first sentence. The figure, 5 percent, has been constant. All of Twitter’s previous reports are available on the company’s investor site. The first to mention the fake account rate was the second quarter of 2019—nearly three years ago. (Newsweek)

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Facebook Marketplace and Carousell were rated the lowest among six e-commerce platforms for their “critical” anti-scam measures, the Ministry of Home Affairs (MHA) said on Saturday (May 14). Facebook Marketplace and Carousell were awarded one tick and two ticks respectively, while Shopee received three ticks. Amazon, Lazada, and Qoo10 were rated the full four ticks. The e-commerce marketplace transaction safety ratings, a government initiative that was launched on Saturday, serve to better inform consumers about the platforms’ anti-scam measures and create a safer online environment, Minister of State for Home Affairs Desmond Tan told reporters. He said that it is a rating system to inform consumers on what are the measures they have to look out for in transacting online, and when buying goods online at the same time, also give the information about the existing e-commerce platforms, and what are the measures consumers have in place to secure the transactions online. Mr Tan chairs the Inter-Ministry Committee on Scams, which rates these platforms based on five measures: Seller identity verification, fraudulent seller behavior monitoring, secure payment solutions, maintenance of transaction records and user data, as well as reporting and dispute resolution mechanisms. (CNA) mannyrabacal1144@ gmail.com