Twitter Inc (NYSE: TWTR) has reported a miss on its Q3 earnings. As a result, its share value has gone down by 13%. In a wrong move, ARK Investment Funds, owned by Cathie Woods, bought 450,000 shares shortly before Twitter announced its earnings at $63. The firm has now undergone an open loss of $4.2 million.
Amid this news, many analysts now wonder if it was right for hedge funds to drop Twitter from their portfolio. The company is currently in 89 portfolios which is a 17% decrease from its highest number. However, Twitter still ranked 26th in the list of 30 most popular stocks among hedge funds.
Twitter is also hosting one of Japan’s most famous politicians, Hirofumi Yoshimura. Yoshimura, the deputy chief of the Nippon Ishin ro Kai party, has about 1.1 million Twitter followers. At 46, he is well known for being much younger than most establishment politicians.
The U.K plans to place stricter restrictions on social media companies
In other news, the U.K is now drawing a bill to place tighter restrictions on social media companies such as Twitter, Meta Platforms Inc (NASDAQ: FB), and YouTube in response to files leaked by Frances Haugen on Facebook. The Online Safety Bill covers more issues than proposals drawn by the E.U and is likely to come into effect in 2022.
As per the bill, social media companies will have to conduct systematic risk assessments on their platforms and deal with the harm detected. They will also have to take action on illegal content. Failure to do so will result in fines or even criminal charges for the company’s top officials. Ofcom communications will oversee this regulation.
However, some question if drafting local laws is enough to moderate social media companies. As time passes, it is more apparent that these companies are often at the mercy of world governments. They go to great lengths to stay on the right side of a government. For example, Meta routinely ignores toxic posts by government officials in India to avoid a nationwide ban in one of its largest markets. For this reason, international laws may be the key.
Squid Game Makes off with investors’ money
Squid Game has disappeared online and has shut down its social media accounts after making off with about $3.38 million. The shocking news comes after crypto experts warned that it could be a scam because of the grammatical and spelling errors on the site. Moreover, the company would not let buyers resell their tokens.
