Twitter Inc (TWTR) Sues to Annul Turkish Fine For Not Removing ‘Terrorist Propaganda’


Twitter Inc (NYSE:TWTR) today has filed a lawsuit in an Ankara court in Turkey to overturn a fine that they had received from Turkish authorities for failing to remove ‘terrorist propaganda. The fine, which was approximately $50,000, was levied by Turkey after Twitter Inc (NYSE:TWTR) failed to remove Tweets related to the Kurdistan Workers Party (PKK), an organization they say are terrorists.

“We have shown 15-20 tweets from several accounts to Twitter as examples. We have imposed the fine because Twitter failed to comply with the court order,” a Turkish official said.

Twitter Inc (NYSE:TWTR) claims that the fine is illegal, and that Turkey has been among the countries who have had the most content-removal requests recently. With all the ISIS related Tweets and proaganda, one has to wonder why they haven’t taken action against Twitter for those Tweets. Shares of Twitter Inc (NYSE:TWTR) are down 1.92% in the pre-market this morning.The stock closed at $21.39 during the last trading session. It is down 42.19% since June 3, 2015 and is downtrending. It has underperformed the S&P500 by 37.50%.

From a total of 16 analysts covering Twitter Inc (NASDAQ:TWTR) stock, 7 rate it a “Buy”, 0 a “Sell”, and 9 a “Hold”. This means that 44% of the ratings are positive. The highest target price is $56 while the lowest target price is $30. The mean of all analyst targets is $37.40 which is 74.85% above today’s ($21.39) stock price. Twitter Inc was the topic of 17 analyst reports since July 29, 2015 according to the firm StockzIntelligence Inc. JMP Securities downgraded shares on October 14 to a “Market Perform” rating. Moffett Nathanson initiated shares with a”Neutral” rating and a $30 target share price in their report from a September 8. Axiom Capital upgraded TWTR stock in a recent report from October 5 to a “Buy” rating. Suntrust Robinson upgraded the rating on August 31. Suntrust Robinson has a “Buy” rating and a $38 price target on shares. Finally, Citigroup maintained the stock with a “Neutral” rating in a report they issued on a September 24.

The institutional sentiment decreased to 1.07 in Q2 2015. It’s down 0.19, from 1.26 in 2015Q2. The ratio turned negative, as 102 funds sold all their Twitter Inc shares they owned while 129 reduced their positions. 56 funds bought stakes while 191 increased their total positions. Institutions now own 269.03 million shares which is 10.40% less than the previous share count of 300.24 million in 2015Q2.

Institutional Venture Management Xii Llc holds 100% of its total portfolio in Twitter Inc, equating to 418,115 shares. Rizvi Traverse Management Llc owns 2.80 million shares representing 100% of their total US portfolio. Moreover, Ah Equity Partners Iii L.L.C. has 69.57% of their total portfolio invested in the company, equating to 1,202 shares. The California-based Kpcb Dgf Associates Llc has a total of 28.35% of their portfolio invested in the stock. Bain Capital Venture Investors Llc, a Massachusetts-based fund reported 817,155 shares owned.

Twitter, Inc. is a global platform for public self-expression and conversation in real time. The company has a market cap of $14.61 billion. The Firm offers services and products for users, advertisers, developers and platform and data partners. It currently has negative earnings. Products and services for users enables a way for people to create, distribute and discover content, which enables a user on Twitter to create a tweet and a user to follow other users.