Musk Says Twitter Deal Can't Move Forward Until it Proves 🧾 Fake Account Numbers
Scott D. Clary | Daily Business, Tech & Finance Newsletter
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Musk Says Twitter Deal Can’t Move Forward Until it Proves 🧾 Fake Account Numbers
Tesla CEO Elon Musk said his $44 billion Twitter acquisition deal will not move ahead until he has more clarity on the bot numbers.
The micro-blogging platform estimated in a filing earlier this month that fewer than 5% of its monetizable daily active users (mDAUs) during the first quarter were fake or spam accounts.
However, Musk estimates that around 20% of the accounts on Twitter are fake, and he’s concerned that the number could be even higher.
“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,” said Musk in a tweet.
Within hours of Musk’s tweet, Twitter said that it remained committed to the deal, as it filed new details on the transaction with the US regulator Securities and Exchange Commission (SEC).
Last week, Musk announced that the Twitter deal was “on hold” after he queried Twitter’s claim in SEC filings that a small proportion of its users were fake or spam.
Netflix Lays Off ✂️ 150 Employees Amid Slowing Growth
Netflix is laying around 150 employees, mostly in the United States, as the streaming service company faces slowing growth.
“So sadly, we are letting around 150 employees go today, mostly US-based. These changes are primarily driven by business needs rather than individual performance, which makes them especially tough as none of us want to say goodbye to such great colleagues,” Netflix said in a statement.
“We’re working hard to support them through this very difficult transition,” it added.
The job cuts at Netflix come as the streaming giant reported its first loss of subscribers in more than a decade and forecasted deeper losses in the coming quarter.
The company cited that the war in Ukraine and severe competition contributed to the loss of customers.
Netflix, which was once a major disrupter in the entertainment industry, is struggling to hold onto its dominance, and it looks like it is making these changes to rein in costs amid the slowing revenue growth it reported during its first-quarter earnings call.
Nansen Acquires 🤝 DeFi Portfolio Tracker Ape Board
Blockchain analytics firm Nansen has acquired the multi-chain portfolio tracker Ape Board for a reported amount upwards of $10 million.
Launched in 2019, Nansen is an analytics platform that enriches on-chain data with millions of wallet labels.
The platform is known for its ability to track what high-value investors are doing on-chain. Crypto investors use the platform to discover opportunities and to stay on top of their portfolios with real-time alerts.
Ape Board has more than 375 protocols on 33 blockchains, including Ethereum, Binance Smart Chain, Avalanche, Solana, and Polygon. As part of the acquisition, 13 employees at Ape Board will join Nansen’s team.
Nansen wants to offer a better view of the investment landscape for DeFi, which has been doing well in the last year.
Ape Board will boost its platform to offer more portfolio tracking, access to on-chain data, and Web3 native communication, among other features.
With Ape Board and its multichain coverage, Nansen will also provide traders a holistic view of the market, which doesn’t require them to use multiple platforms to track holdings and analyze the markets.
Banking-as-a-Service Platform Unit Secures $100 Million in Series C Funding 💰
Unit, a banking-as-a-service platform that enables companies to embed financial services in their products, has raised $100 million in its Series C funding round at a valuation of $1.2 billion.
The funding was led by global software investor Insight Partners along with participation from new investors Moving Capital and Stepstone.
Existing investors Accel, Better Tomorrow Ventures, Aleph, Flourish Ventures, and TLV Partners also participated in the round.
Founded in 2019 by Doron Somech and Itai Damti, Unit is a developer of a platform that allows third parties to integrate banking services into their businesses.
Headquartered in New York City and Tel Aviv, the startup accelerates time to market and enables companies to launch bank accounts, cards, payment, and lending products in weeks.
Unit plans to use the fresh capital to accelerate product development and expand its offering into credit in partnership with its bank partners.
The company will be launching business credit cards in the next three months, with additional credit products to follow.
Around the Web 🌐
Spotify is Testing NFT Galleries on Musician Profiles: Music streaming platform Spotify is reportedly testing the option to include non-fungible token (NFT) galleries on the profiles of musicians. Once the pilot gets successfully tested, the embedding of NFTs would serve to improve artist and fan experiences.
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