Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Twitter shares stumble after high-profile, unprecedented hack

TechnologyJul 16, 2020 08:20AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. The Twitter App loads on an iPhone in this illustration photograph

(Reuters) - Shares of Twitter Inc (NYSE:TWTR) dropped more than 4% in pre-market trading on Thursday, a day after hackers gained access to the social media company's internal systems to hijack accounts of several politicians, billionaires, celebrities and companies.

Hackers infiltrated the twitter handles of U.S. presidential candidate Joe Biden, reality TV star Kim Kardashian, former U.S. President Barack Obama and billionaire Elon Musk to solicit digital currency - raising major concerns about security on the widely-used platform.

The hack "certainly doesn't help," Joe Wittine, Edgewater Research analyst, told Reuters in an email. It will pose more of a "reputational risk", versus "material near-term risk to advertising revenues."

Twitter said hackers targeted employees with access to its internal systems and "used this access to take control of many highly-visible (including verified) accounts and Tweet on their behalf."

In an extraordinary step, Twitter temporarily prevented many verified accounts from publishing messages as it investigated the breach.

Twitter Chief Executive Officer Jack Dorsey said in a tweet on Wednesday that it was a "tough day" for everyone at Twitter and pledged to share "everything we can when we have a more complete understanding of exactly what happened."

Other high profile accounts that were hacked included rapper Kanye West, Amazon (NASDAQ:AMZN) founder Jeff Bezos, investor Warren Buffett, Microsoft Corp (NASDAQ:MSFT) co-founder Bill Gates, and the corporate accounts for Uber (NYSE:UBER) and Apple Inc (NASDAQ:AAPL). Several accounts of cryptocurrency-focused organizations were also hijacked.

Publicly available blockchain records show that the apparent scammers received more than $100,000 worth of cryptocurrency.

Twitter shares stumble after high-profile, unprecedented hack
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (4)
Kaveh Sun
Kaveh Sun Jul 16, 2020 9:56AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Surprise!Twitter lack of security. Im Tired of companies dont give a # to secure customer data. They should be fined huge if they neglect to secure customers info. Until then this will happen again n again.
Muhamed Jaffir
Muhamed Jaffir Jul 16, 2020 9:23AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The hacker(s) proved that Jack Dorsey lied to Congress. Maybe he can do a year prison sentence.
Kaveh Sun
Kaveh Sun Jul 16, 2020 9:23AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Why he ran to Africa? He’s scared
rob finch
rob finch Jul 16, 2020 9:07AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
that's what happens when your password is "joespassword".
rob finch
rob finch Jul 16, 2020 8:56AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
@therealsleepyjoe is blaming cyber criminals for his campaign.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email