Twitter’s standard post-earnings conference call with analysts was cancelled on Monday, as the board approved Tesla CEO Elon Musk’s bid to take the firm private.
Twitter’s earnings report stated that daily active users increased 16% to 229 million in the first quarter, but the social media site admitted that active user data between 2019 and 2021 was incorrect. Over the course of the year, the error increased user numbers by 1% to 2%.
“In March of 2019, we launched a feature that allowed people to link multiple separate accounts together in order to conveniently switch between accounts. An error was made at that time, such that actions taken via the primary account resulted in all linked accounts being counted as mDAU. This resulted in an overstatement of mDAU from Q1 ’19 through Q4′ 21,” the report noted.
Since Musk’s $44 billion proposal was approved, there has been speculation about the influence Musk would have on Twitter. While he has actively advocated for free speech on the network, he has also addressed concerns about spam bots, which might benefit Crypto Twitter.
In a recent TED lecture, Musk highlighted his concerns about bots, stressing that spam bots have a detrimental influence on the Twitter user experience. “They degrade the product significantly.” I’d have a hundred billion dogecoins if I had a dogecoin for every crypto fraud I observed.”
Musk has already been the focus of multiple impersonation attempts, and fraudsters have lately leveraged prominent NFT projects to swindle users, including targeting Bernie Sanders’ son’s verified account.
Blockchain technology has been mentioned as a possible solution to these problems, and Twitter recently became the first firm to test payment network Stripe’s new payment system, Stripe Connect.
According to a recent statement, Stripe will allow payments through the USDC stablecoin on the Polygon blockchain. These payments will be available via Stripe Connect.
