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CALIFORNIA: On Monday shares of Twitter Inc fell 9% after a report said the social media company had suspended more than 70 million fake accounts in May and June, which could lead to a dip of monthly active users in the second quarter.
The slump wiped about $3 billion from the microblogging site’s market valuation, which marked about $35 billion on Friday. Twitter shares were last down 8.6% at $42.62.
“Such reaction is due likely to the assumption that the lower user count would attract less ad dollars,” Morningstar analyst Ali Mogharabi said.
Mogharabi, however, pointed to big advertisers now paying more attention to the quality content alongside which their ads are placed.
The company has suspended more than one million accounts a day in recent months to subdue the flow of misinformation on the platform, the Washington Post reported late on Friday, citing data it obtained.
Twitter refutes to confirm the official figures reported by the Washington Post.