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Friday, January 21, 2022

Twitter Losses Sh.56 Billon To Law Suit

Twitter has reported a loss of Sh.56billion (Half a billion dollars) to a law suit.

The suit arose after the giant social media app was accused of cooking popularity numbers to attract advertisers.

According to the BBC Business, Twitter denied wrong doing, but opted to settle the matter to mitigate lengthy law suits.

The San Fransico based company, has gained from the deep in its rival fortunes, SNAP, whose shares dropped by 25 percent last week.

The BBC Quoted Twitter CFO Ned Segal who said the giant had introduced topics that users can follow to show up its online presence.

In June, Apple introduced privacy updates that prevent digital advertisers from tracking iPhone users without their consent.

Twitter however grew its revenue base by 37 percent prompting a surge of 3 percent in its share price.

*This article was written by Henry Kimoli for Uzalendo News.  Email: uzalendonews24@gmail.com to submit your story.

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