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Twitter takeover temporarily on hold, says Elon Musk | Elon Musk

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Elon Musk has said his controversial $44bn (£36bn) takeover of Twitter is “temporarily on hold” in a series of early morning tweets that sent the company’s stock into a tailspin and cast doubt on whether the deal will be successful.

The Tesla chief tweeted on Friday morning that the deal was being frozen while he awaited details supporting Twitter’s assertion that fewer than 5% of its users were spam or fake accounts. In a subsequent tweet, Musk said he was “still committed to acquisition”, amid speculation that the world’s richest man was about to walk away from the deal or seek a lower price.

Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of usershttps://t.co/Y2t0QMuuyn

— Elon Musk (@elonmusk) May 13, 2022

The announcement left analysts and observers scratching their heads, prompting some to ask if the eccentric billionaire was “trolling Twitter.” “What is going on here?” Matt Levine, a Bloomberg opinion columnist, wrote. “You are not supposed to say things that aren’t true and that will affect the stock of a public company that you are trying to buy. That is what is usually called ‘securities fraud’”.

The move also comes a day after Twitter announced the departure of two top figures at the company in an internal shakeup. The Musk takeover plan has prompted a backlash among both Twitter users and staff.

Still committed to acquisition

— Elon Musk (@elonmusk) May 13, 2022

Musk has long been a divisive user of the platform, and has announced seemingly major news about his businesses to his 83 million followers later found to be false. The Securities and Exchange Commission fined him $20m after he tweeted in 2018 that he had secured funding to take Tesla private. A judge recently determined those tweets were inaccurate and reckless.

He announced the hold on the Twitter takeover alongside a link to a Reuters article published on 2 May that referred to a filing with the US financial regulator, in which Twitter claimed that false or spam accounts represented fewer than 5% of its 229 million daily average users. The filing does not appear to contain new information on spam accounts, however, with previous quarterly filings going back to 2014 also referring to the “fewer than 5%” figure, albeit with the caveat that the true number could be higher.

The Tesla CEO has been looking for additional investors to support the deal, the Washington Post reported, as Tesla’s stock price has weakened. Musk has already secured more than $7bn (£5.7bn) in outside funding from a group of investors that includes the tech tycoon Larry Ellison, a Saudi prince, the Qatar state investment fund and the world’s biggest cryptocurrency exchange.

“We’d always said he may cut or run or change his tune at the 11th hour and 59 minutes and 59 seconds on the clock. It is farcical,” Neil Campling, the head of TMT research at Mirabaud, told Reuters. “He has never had the full funding. We know that from his constant attempts to get financial support, but he also held all the cards.”

Musk has agreed to pay a $1bn break fee to Twitter if he walks away from the deal. The news sent Twitter’s shares down 10% to $40.31 when Wall Street opened, on concerns that the deal could collapse. He will likely be legally bound to either follow through with the deal or pay the fee, said Art Hogan, the chief market strategist at National Securities.

“Saying it’s temporarily on hold is not standard operating procedure when you’ve made a tender offer for a company. It’s confusing and also nonsensical. It just doesn’t hold up,” Hogan told Reuters.

The agreed takeover values Twitter at $54.20 per share. However, a renowned US short-selling firm, which takes bets against companies’ share prices, said this week that Musk could submit a lower bid for Twitter, owing to a slump in tech stocks and a weak financial performance at the social media platform.

Dan Ives, an analyst at Wedbush Securities, a US financial services firm, said: “The implications of this tweet will send this Twitter circus show into a Friday the 13th horror show as now the Street will view this deal as 1) likely falling apart, 2) Musk negotiating for a lower deal price, or 3) Musk simply walking away from the deal with a $1bn breakup fee.”

Tesla shares, which are part-funding the takeover via a loan taken out against Musk’s shareholding, were up nearly 5% on Friday.

Musk has railed against automated or “bot” Twitter accounts – which are not run by human users – and said after announcing the takeover that he wanted to improve the platform by “authenticating all humans”.

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Twitter allows automated accounts on its platform, ranging from disaster early warning systems to algorithmic art. In 2021, it introduced an “automated account” label to publicly mark such accounts as being run by a computer, not a human. But those accounts need to follow strict rules and can lose access if they misbehave.

One such automated account may even have been the driver for Musk’s initial purchase of Twitter stock. Created by a 19-year-old aviation enthusiast, the @elonjet Twitter feed tracks and automatically tweets the location of Elon Musk’s private plane, taken from public flight tracker data.

In January, Musk offered the teenager $5,000 to buy the account and shut it down, declining the creator’s $50,000 counter-offer. A few days later, he began purchasing Twitter stock, filing his legal declaration that he own a substantial stake in early April.

But declared automated accounts such as @elonjet are far outnumbered by spam accounts, which deliberately break Twitter’s terms of service in pursuit of commercial or political goals.

Such accounts may use the reply function or direct messages to send adverts or scams to other users, or they may represent attempts to influence the public discourse by tweeting political propaganda.

Other fake accounts exist purely to boost the metrics of individual users, who can buy followers, likes and retweets from “bot sellers” who control thousands or millions of fake accounts.

“Bots massively multiply the ability of one person to attempt to manipulate people,” Samuel Woolley at Oxford University said after the launch in 2017 of a report into social media manipulation. “Picture your annoying friend on Facebook, who’s always picking political fights. If they had an army of 5,000 bots, that would be a lot worse, right?”

Agencies contributed reporting.



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Dublin’s Circit raises €6.5m for open banking platform

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CEO David Heath told SiliconRepublic.com that Circit is to auditing verification what Stripe is to payments.

Irish open banking start-up Circit has raised €6.5m in funding for its financial auditing management platform.

The Dublin-based fintech has developed a platform for managing financial auditing used by banks, solicitors and brokers. Circit is regulated by the Central Bank of Ireland as an account information service provider under PSD2 – the EU regulation for open banking.

Future Human

Investment in this Series A round was led by New York-based Aquiline Technology Growth and Luxembourg-based MiddleGame Ventures, both of which are fintech-focused VC firms.

CEO David Heath told SiliconRepublic.com in an interview that a number of team members in Circit have come from auditing backgrounds in big firms who think the industry, which is going through its “biggest reform in decades”, could do with more digitalisation.

“We saw a lot of manual processes that were going on that we felt could be automated, which would free us up to do more valuable work for the client,” said Heath, who was previously an auditor with Grant Thornton and a director with E-Commerce Accounting.

“Rather than wait for regulators to prescribe the change, we proactively re-imagined and designed a platform that gives auditors a new way of obtaining independent audit evidence that both reduces risk and cuts verification time from weeks to minutes.”

Heath said the open banking platform frees up auditors from manual and time-consuming processes, providing automation for third-party confirmations and verified insights on bank and digital asset transactions.

“Our aim is to help auditors become highly skilled in addressing the future risks facing businesses and the economy,” he added. “In a way, what Stripe is for payments, Circit is for auditing verification.”

Founded in 2017, Circit counts more than 200 audit businesses including Deloitte and PwC among its clients. While headquartered in Dublin, it has operations in the UK and Spain, and clients all over Europe, the United States, Australia and the greater APAC region.

Circit grew significantly during the pandemic, which saw its workforce shoot up from just seven to a team of 35. It raised €1.1m in a July 2020 funding round to accelerate its international expansion and create 20 new jobs.

Last year, Circit acquired UK-based Audapio, a tech company that builds data analytics tools for financial auditing and fraud monitoring. In February, it signed a deal with Danske Bank UK to integrate its tech with the bank’s audit confirmation response operations.

Heath told SiliconRepublic.com that the latest funding will be used to invest in further developing the Circit platform and pushing for the company’s growth internationally.

Patrick Pinschmidt, general partner for MiddleGame Ventures, said that while Circit is addressing a “persistent pain point” by digitising the audit confirmation process, he sees broader use cases for the company’s tech.

“The combination of open banking tools and the integration of financial institutions and corporates into Circit’s solution will lower costs and improve transparency as the company helps digitise a cross-section of workflows for a global customer base.”

Pinschmidt, along with Giovanni Nani of Aquiline Technology Growth, will join Circit’s board as a result of the investment to help scale the company’s international expansion.

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YouTube removes more than 9,000 channels relating to Ukraine war | YouTube

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YouTube has taken down more than 70,000 videos and 9,000 channels related to the war in Ukraine for violating content guidelines, including removal of videos that referred to the invasion as a “liberation mission”.

The platform is hugely popular in Russia, where, unlike some of its US peers, it has not been shut down despite hosting content from opposition figures such as Alexei Navalny. YouTube has also been able to operate in Russia despite cracking down on pro-Kremlin content that has broken guidelines including its major violent events policy, which prohibits denying or trivialising the invasion.

Since the conflict began in February, YouTube has taken down channels including that of the pro-Kremlin journalist Vladimir Solovyov. Channels associated with Russia’s Ministries of Defence and Foreign Affairs have also been temporarily suspended from uploading videos in recent months for describing the war as a “liberation mission”.

YouTube’s chief product officer, Neal Mohan, said: “We have a major violent events policy and that applies to things like denial of major violent events: everything from the Holocaust to Sandy Hook. And of course, what’s happening in Ukraine is a major violent event. And so we’ve used that policy to take unprecedented action.”

In an interview with the Guardian, Mohan added that YouTube’s news content on the conflict had received more than 40m views in Ukraine alone.

“The first and probably most paramount responsibility is making sure that people who are looking for information about this event can get accurate, high-quality, credible information on YouTube,” he said. “The consumption of authoritative channels on our platform has grown significantly, of course in Ukraine, but also in countries surrounding Ukraine, Poland, and also within Russia itself.”

YouTube did not provide a breakdown of the taken-down content and channels but Mohan said much of it represented Kremlin narratives about the invasion. “I don’t have the specific numbers, but you can imagine a lot of it being the narratives that are coming from Russian government, or Russian actors on behalf of the Russian government,” he said.

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YouTube has an estimated 90 million users in Russia, although it no longer allows advertising on the platform in the country. The decision by YouTube’s parent company, Google, has drawn protests from Navalny, who said well-targeted ads helped counteract Kremlin propaganda.

“YouTube remains the largest video-sharing site up and running in Russia itself,” said Mohan. “So YouTube is a place where Russian citizens can get uncensored information about the war, including from many of the same authoritative channels that we all have access to outside of the country. We remain an important platform for Russian citizens themselves as this crisis continues to evolve.”

Last week, the Russian minister for digital development, Maksut Shadaev, said the country would not block YouTube, despite disputes over content that have resulted in the platform being fined in court for not removing banned videos.

Shadaev indicated that blocking Russia’s most popular social media platform would affect users. “We are not planning to close YouTube,” the minister said. “Above all, when we restrict something, we should clearly understand that our users won’t suffer.”

YouTube has also placed a worldwide ban on channels associated with Russian state media, including Russia Today and Sputnik. Facebook and Instagram are banned in Russia and access to Twitter has been restricted, in response to the platforms’ own bans on Russian state-owned media.

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Russian-backed rulers of Costa Rican hacktocracy? • The Register

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In brief The notorious Russian-aligned Conti ransomware gang has upped the ante in its attack against Costa Rica, threatening to overthrow the government if it doesn’t pay a $20 million ransom. 

Costa Rican president Rodrigo Chaves said that the country is effectively at war with the gang, who in April infiltrated the government’s computer systems, gaining a foothold in 27 agencies at various government levels. The US State Department has offered a $15 million reward leading to the capture of Conti’s leaders, who it said have made more than $150 million from 1,000+ victims.

Conti claimed this week that it has insiders in the Costa Rican government, the AP reported, warning that “We are determined to overthrow the government by means of a cyber attack, we have already shown you all the strength and power, you have introduced an emergency.” 

Experts who spoke to the AP said they doubt actual regime change is likely, or the goal; Emsisoft analyst Brett Callow told the newswire that the threats are simply noise, and not to be taken seriously.

Callow may be right: News unfolding late this week suggests that Conti has gone offline, and may be breaking into several subsidiary groups. Its political ambitions in Costa Rica may just be a distraction, albeit one that could also turn a tidy profit. 

NSA: Trust us, no post-quantum encryption backdoors

The NSA wants to ease everyone’s concerns now: Even though it’s been involved in the US government’s post-quantum encryption research, the spy agency won’t have a backdoor.

Speaking to Bloomberg while discussing the National Institute for Standards and Technology’s post-quantum encryption competition, NSA Director of Cybersecurity (and Christmas-tree hacker) Rob Joyce said the new standards being developed are so strong that “there are no backdoors.” 

That would be a departure from previous encryption standards, which the NSA is believed to have had ready access to – until foreign spies acquired a copy of the backdoor software for their own use. The Biden administration recently announced additional funding for post-quantum encryption research, which aims to develop a form of protecting sensitive data so secure that even a quantum computer couldn’t crack it. 

The US has been actively working to develop encryption standards able to stand up to quantum computers for some time; Joyce claimed to Bloomberg that the NSA has had its own post-quantum encryption algorithms for several years, but those aren’t part of the NIST competition or available to the public. 

Despite spending tens of millions to address the security problems posed by quantum computers, the NSA also readily admits that it has no idea when, or even if, quantum computers able to crack modern public key cryptography will be realized. 

Frustrated IT admin gets seven years for deleting company databases

A former database administrator from China who wiped out his employer’s financial records has been sentenced to seven years in prison as a result.

Han Bing, who managed databases for Chinese real estate brokerage Lianjia, allegedly used his administrator access and root privileges to log in to two of Lianjia’s database servers, and two application servers, where he wiped financial data and related applications that took the company’s entire finance system offline, said Chinese news sources. 

Bing was reportedly disgruntled with his employer. He repeatedly warned them of security flaws in Lianjia’s finance system but felt ignored and undervalued, Lianjia’s ethics chief testified in court. Bing’s actions directly cost the company around $27,000 to recover data and rebuilt systems, but that doesn’t include the impact of lost business.

Bing was caught when Lianjia questioned everyone with access to the financial systems who had permissions to do what Bing did, of whom there were only five. The company claims that Bing acted suspiciously when asked to present his laptop for inspection, refusing to provide his password and claiming privacy privileges. 

The company said it suspected none of the laptops would show traces of the attack, but wanted to see how those it questioned would react. Investigators were later able to recover logs that pointed to Bing’s laptop’s IP and MAC addresses, and crosschecking logs against security footage put Bing in the right place at the right time to be the guilty party.

Apple patches a whopping 98 separate vulnerabilities

Apple has had a busy week: In a series of security updates released Monday and Wednesday, the iMaker patched 98 separate vulnerabilities out of its various software platforms.

The updates in question cover most every bit of software Apple makes: WatchOS, iOS and iPad OS, macOS Monterey, Big Sur and Catalina, Xcode, tvOS, Safari and iTunes for Windows were all included. Most of the vulnerabilities are from the past few months, but one common vulnerability and exposure (CVE) number covered by the updates dates back to 2015.

A few of the vulnerabilities covered by this week’s glut of Apple patches were rolled out previously for one system, but not others, as was the case with CVE-2022-22674 and -22675, which were patched in macOS Monterey, but not older versions, in April. Those vulnerabilities were reportedly being actively exploited at the time. 

Malicious applications executing arbitrary code with kernel privileges appears to be the most common type of hole being closed in this round of patches, though some do stand out, like Apple Watch bugs that could let apps capture the screen and bypass signature validation.

On iOS, vulnerabilities patched include websites being able to track users in Safari private browsing mode, while macOS users are being protected against apps being able to bypass Privacy preferences and access restricted portions of the filesystem.

Russian-backing Chaos ransomware variant is pure destruction

Cybersecurity firm Fortinet has discovered a variant of the Chaos ransomware that professes support for Russia’s invasion of Ukraine, but appears to have no decryption key to rescue victims in Putin’s regime. 

The variant appears to have been compiled with Chaos’ GUI customization tool as recently as May 16, Fortinet said. The researchers said they’re unsure how the Chaos variant infects its victims, and said the variant doesn’t act any differently than typical Chaos ransomware. 

Like other forms of Chaos, it enumerates files on infected systems, and irrevocably damages any larger than around 2MB by filling it with random bytes. Anything smaller is encrypted, but recoverable with a key. Chaos also typically attacks commonly used directories like Desktop, Contacts, Downloads and Pictures, which are encrypted entirely. 

Here’s where this Chaos variant differs: It’s overtly political, and instead of offering contact info and a ransom demand, the malware simply says “Stop Ukraine War! F**k Zelensky! Dont [sic] go die for f**king clown,” along with a pair of links to sites claiming to belong to the Information Coordination Center, but offering no information otherwise. Files are also encrypted with a “f**kazov” extension, likely referring to the Ukrainian Azov Battalion.

Fortinet said that this Chaos variant appears unique in the sense it appears designed to be file-destroying malware. “This particular variant provides no such avenue as the attacker has no intent on providing a decryption tool … clearly, the motive behind this malware is destruction,” Fortinet said. 

The FortiGuard team behind the research warns that with its GUI, Chaos ransomware has become a commodity product, and it expects additional attacks of this variety to emerge. ®



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