Twitter suspends nearly 70 million accounts, investors worried

In an effort to crack down on fake accounts and Russian bots, the social media platform has suspended 70 million accounts, leading to a $3.1 billion dip in market value on Monday

by exchange4media Staff
Published - Jul 11, 2018 5:32 PM Updated: Jul 11, 2018 5:32 PM

Twitter, in an effort to crack down on fake accounts, has suspended nearly 70 million accounts between May and June this year. This follows the social media company’s admission that close to 50,000 Russian bots had attempted to influence the 2016 US election.

The move has made investors apprehensive as they worry it may affect the company’s revenue. Twitter’s shares saw an almost 9 per cent drop on Monday, slashing its $3.1 billion market value after the company confirmed media reports that it had suspended close to 70 million accounts.

In April this year, Twitter posted profits for a second successive quarter and its shares have grown 83 per cent this year, after the company dismissed doubts about its viability. Many investors also question if this gain is due to President Donald Trump’s extensive use of the social media platform.

The issue of fake accounts has been a long standing one for Twitter, not only in relation to Russian bots, but also because of scammers trying to steal crypto-currency from users by impersonating other important users.

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