Elon Musk Deal Back On? Why Twitter Stock Spiked This Morning

Twitter Inc TWTR shares spiked as high as $39.51 on Thursday following reports that company executives further explained how they calculate the number of bots on the social media platform. 

According to a Bloomberg report, Twitter executives said the social media company manually reviews thousands of accounts each quarter, which has helped them to accurately determine the 5% bot number.

Twitter also said it uses internal data, like IP addresses or phone numbers, to confirm the number of bot accounts. The company even estimated that the true number of bot accounts is significantly lower than what was previously disclosed in filings. 

Tesla Inc TSLA CEO Elon Musk has claimed that the number of bots or spam accounts on Twitter is much higher than the company indicates. The Tesla CEO has even threatened to drop his $44 billion takeover agreement until he can confirm how many accounts are non-human. Today's developments seem to be increasing investor confidence about a deal being finalized.

See Also: Elon Musk, You're Cordially Invited To The Benzinga Cannabis Capital Conference In Chicago, No Need To RSVP, See You There?

TWTR Price Action: Twitter has traded between $73.34 and $31.30 over a 52-week period.

The stock was up 1.86% at $38.92 at press time, according to data from Benzinga Pro.

Photo: Steve Jurvetson from Flickr.