Twitter plummeted on investor concern that the company's escalating fight against fake accounts will slow user growth.
The Washington Post said Friday that the company's rate of account suspensions has more than doubled since October 2017, and that Twitter has suspended more than 70 million accounts in May and June. The stock fell as much 9.8 per cent Monday, the biggest intraday decline in more than three months, before paring the loss later in the day.
The Post's report echoes Twitter's own disclosures from two weeks ago, when the company said its machine learning algorithms had identified more than 9.9 million potentially spam or automated accounts a week as of May, an increase from 3.2 million a week last September and more than triple the number from a year earlier.
The company said it's conducting an audit to ensure that every account created on Twitter has passed a security check to prevent bots from gaining access to the social media platform.
The change has already stopped more than 50,000 spam sign-ups a day, according to Twitter.