Twitter Inc. faced scrutiny from the US Securities and Exchange Commission in June over how it calculates the number of spam and bot accounts on the platform.
The SEC’s filings review unit asked Twitter Chief Executive Officer Parag Agrawal in a June 15 letter for details on the firm’s methodology for calculating that false accounts represent less than 5% of its user base. The estimate by Twitter has become a central sticking point between the company and Elon Musk, who is looking to walk away from a $44 billion buyout of the platform.
“To the extent material, please disclose the methodology used in calculating these figures and the underlying judgments and assumptions used by management,” the SEC to Agrawal, referring to assumptions that Twitter included in its annual report. The letter was made public on Wednesday.on June 22 that it “already adequately discloses the methodology” that it uses. The company said that it randomly selects thousands of accounts to be reviewed by people each quarter and has done so for many years.
The SEC also posted a July 27 letter noting that it had concluded its review. “We remind you that the company and its management are responsible for the accuracy and adequacy of their disclosures, notwithstanding any review, comments, action or absence of action by the staff,” the agency
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