Source: Wall Street News
Author: Li Dan
According to the media, Twitter said at a staff meeting that it would share firehose, which can display huge tweet data streams, with Musk, and plans to hold a shareholder vote on Musk’s acquisition in late July or early August.
Twitter backed down after Musk used the prospect of a $44 billion buyout to demand internal data.
On Wednesday, June 8, Eastern Time, the media quoted people familiar with the matter as saying that Twitter’s board of directors plans to follow Musk’s request and provide him with internal data, the so-called firehose, which analyzes more than 500 million tweets per day with different parameters. Access to huge data streams.
Twitter’s firehose not only displays a real-time record of tweets, but also shows what device a user is tweeting on, and information about the account associated with the tweet, excluding confidentiality such as user personal details and the frequency of verifying accounts information. More than two dozen companies currently pay for firehose, one of Twitter’s licensed businesses. Twitter could offer firehose as soon as this week, people familiar with the matter said.
Since then, there have been media reports that Twitter plans to release firehose data to Musk for free as part of the exchange of information. At a staff meeting on Wednesday, Twitter’s general counsel, Vijaya Gadde, revealed that Twitter expects to hold a shareholder vote in late July or early August to vote on Musk’s acquisition.
Twitter said at Wednesday’s meeting that the shareholder vote was in order to continue working constructively to close the deal with Musk and that it would continue to share data, including firehose, with Musk.
After the news of the above-mentioned intention to share firehose, Twitter’s stock price, which fell slightly in the intraday session on Wednesday, jumped up, and the intraday gain was nearly 2.9% when the daily high was refreshed. In the end, when the broader market fell, it closed up 0.77% against the trend, hitting a record high on May 13. It closed at a new high since Monday, erasing losses since Musk threatened to abandon the acquisition on Monday.
As early as three weeks ago, on May 17, Musk had tweeted a warning that “this deal cannot go forward” unless Twitter provides evidence of its proportion of fake users. He believes that the number of fake Twitter users may account for 20%, which is as much as 4 times as much as Twitter previously claimed that “only 5%”.
In a letter to Twitter made public on Monday, Musk asked Twitter to provide data and information about spam and fake accounts, saying Twitter violated the merger agreement by refusing to provide information about spam accounts. Some analysts interpreted the move as a negotiating ploy by Musk to get a lower deal price.
Twitter has since said in an emailed statement that it “has and will continue to work with Musk to share information to complete the transaction under the terms of the merger agreement.” The response suggested that Twitter was unwilling to make concessions on the purchase price, according to the media.
Regarding Twitter’s plan to share firehose news on Wednesday, some comments questioned why Twitter responded two days after Musk asked for the data, which raised doubts that Twitter needed enough time to “manipulate” the data.
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