Twitter did not do enough to tell its users that the personal data it had collected was used partly to help marketers target ads, the F.T.C. and Justice Department said
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The misleading behavior lasted for at least six years, from 2013 to 2019, the federal agencies said. Matt Rourke/Associated Press |
“Keeping data secure and respecting privacy is something we take extremely seriously, and we have cooperated with the F.T.C. every step of the way,” Damien Kieran, Twitter’s chief privacy officer, said in a statement. Twitter disclosed the problem in 2019 and stopped using security information for advertising, Mr. Kieran added.
The settlement comes as the social media company grapples with a tumultuous take over from Elon Musk, the world’s wealthiest person. Last month, Twitter accepted Mr. Musk’s $44 billion bid to take the company private. But in recent weeks, Mr. Musk has cast doubt on the deal while Twitter has pressed ahead to finalize it.
On Wednesday, Mr. Musk disclosed in a filing that he had boosted his personal financial commitment to the Twitter deal, and was now planning to contribute $33.5 billion — either from his own funds or in partnership with other Twitter shareholders — toward the acquisition price.
The initial financing plan included $21 billion in equity from Mr. Musk, plus a $12.5 billion bank loan that was to be secured by Mr. Musk’s stock in Tesla, the electric carmaker he runs. The loan amount had already been reduced by half earlier this month as shares of Tesla fell amid a wider market route and Mr. Musk secured equity commitments from other investors.
In Wednesday’s filing, Mr. Musk said the entire loan had been “terminated” and that he would rely more heavily on additional equity. Twitter’s shares rose as much as 6 percent in after-hours trading, as investors interpreted the move as a sign that Mr. Musk wasn’t about to walk away from the deal.
In the filing, Mr. Musk also said that he was in discussions with other Twitter shareholders, including Jack Dorsey, a founder of the company, about rolling their existing shares into the merged company once the deal closed, rather than getting paid for their stakes. If Mr. Dorsey or certain other shareholders do so, that could reduce the amount of money that Mr. Musk has personally pledged — and the financial risk to him.