The past of the social media company has come back to haunt it.
The company will pay a $150 million fine for violating user privacy. According to court documents, the company admitted to using its users phone numbers and email addresses for advertising purposes.
The Department of Justice and the Federal Trade Commission said that the settlement that was made in 2011 did not apply to account information gathered for security purposes.
The FTC Chair said in a statement that the data was used to target users with ads. More than 140 million users were affected by the practice.
This isn't new information; in fact, it was publicly apologized for back in 2019. It was very concerning news that Musk made a bid to buy the company.
Tweet may have been deleted
Musk said on Thursday that what else is not true is if Twitter was not telling the truth.
He said that he wanted to turn the company into a company that relies more on subscriptions than advertising.
In April, Musk made a $44 billion bid for the company, which he promised to eradicate from the platform. Last week, Musk said he had put the acquisition bid on hold as he believed that less than 5 percent of its users may be fake. A recent SEC filing shows that Musk is still committed to buying the company. According to the filing, Musk plans to spend $33.5 billion of his own money, with the rest coming from other investors.
Jack Dorsey, the former CEO and co-founder of the micro-blogging site, has left the Board of Directors. The singular solution I trust is what Musk's bid is about.
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