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Twitter stock steady despite hack and FBI investigation

In this photo Twitter app launched in the smartphone.

Twitter stock price remains steady over the last couple of days despite the largest hack in the social media platform history, with the hacker’s briefly attained control of tech titans, billionaires, politicians, and celebrities accounts.

As Finbold.com reported yesterday, Barack Obama, Jeff Bezos, Elon Musk, and Joe Biden, are among 130 accounts that have lost their control on Wednesday afternoon.

“For a small subset of these accounts, the attackers were able to gain control of the accounts and then send Tweets from those accounts,” the company says.

The company has disabled downloading individuals’ Twitter data as investigations are still going on. The social media platform is assessing security measures for long-term protection.

Twitter stock steady

Meanwhile, lawmakers and the FBI launched an investigation after hackers successfully gained control of high profile accounts. Twitter stock could feel the pain in the short-term due to investigations and lawmaker’s concerns.

TWTR Twitter, Inc. daily Stock Chart
Twitter stock price performance. Finviz.com chart.

Senate Commerce Committee Chairman Roger Wicker asked chief executive officer Jack Dorsey to give an explanation to committee staff on the breach.

“This incident, which combines the need to protect Internet users from fraud with larger concerns about social manipulation and disinformation online, is of great concern to the committee,” Wicker said in a message to Jack Dorsey.

Jack Dorsey, on the other hand, apologized publicly. He said, “We all feel terrible this happened.”

“We detected what we believe to be a coordinated social engineering attack by people who successfully targeted some of our employees with access to internal systems and tools,” he added.

The attack has raised several questions and concerns over the social media platform’s ability to tackle cyber-attacks and the spread of disinformation through its platform. Concerns are high as several people including Donald Trump raised concerns over the interference of social media platforms in elections.

Previously, Donald Trump has accused Twitter of targeting Republicans and supporting the Radical Left Democrat Party. He had already asked Congress to review section 230, a law that gives legal protection to social media platforms for content posted by third parties.

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Author

Siraj is a finance writer based in Saudi Arabia with a strong understanding of and passion for the stock market, cryptocurrency, economics, and finance. He has worked for international clients for many years on several projects related to the stock market, equity research, accounting, and finance. Siraj is a published financial analyst on some of the largest finance websites.