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Twitter Announces To Pay $150 Million To Settle Privacy Allegations And Violations

Twitter Announces To Pay $150 Million To Settle Privacy Allegations And Violations

According to court filings released on Wednesday, Twitter Inc has agreed to pay $150 million to settle charges that it utilised private information, such as contact information, to advertise products after telling customers the data would be used for security purposes.

The settlement involves claims that Twitter (TWTR) compromised the privacy and security of customer data.

As part of a settlement announced by the Justice Department and the Federal Trade Commission, the corporation will pay $150 million (FTC). In addition to a monetary settlement, Twitter must enhance its compliance practises under the terms of the deal.

In particular, while Twitter told users that it collected their mobile number and email addresses to protect their accounts, it omitted to mention that it also used user contact knowledge to assist advertisers in reaching their target audiences.

Twitter is a free service that mostly makes money from advertising. Elon Musk, the billionaire who is buying the site for $44 billion, has slammed its ad-based economic model and promised to diversify its revenue streams.

Twitter also allegedly misrepresented its compliance with the European Union-US and Swiss-US Privacy Shield Frameworks, which prohibit corporations from utilising data in ways that customers have not authorised.

The settlement with Twitter comes after years of controversy over digital corporations’ privacy policies.

On Thursday morning, Asia-Pacific equities were mainly lower. The Federal Reserve of the United States struck a less hawkish tone in the minutes from its most recent meeting, which kept gains modest. Investors were particularly concerned about the economic impact of China’s ongoing COVID-19 restrictions.

The Shanghai Composite fell 0.18 percent. Even as investors monitor the government’s steps to combat the economic slowdown caused by the country’s COVID-19 restrictive measures, Chinese stocks trading in the US rose.

If inflation remains stable over the summer, there may be no need to raise rates further. The declines in Asia contrasted with a 0.6 percent rise in the Dow Jones Industrial Average on Wall Street.

Asian stock markets fell on Thursday as investors worried about China’s economic growth and the Federal Reserve’s intention to tighten policy rapidly.

More at: FXreviewtrading.com

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