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Court Rules vs. Twitter in Bid to Reveal Surveillance Requests from U.S. Government


The social network originally filed suit against the Department of Justice in October 2014

Twitter expressed disappointment at coming out on the losing end of a six-year court battle in which it sought the right to reveal surveillance requests received from the U.S. government.

The social network filed its suit versus the U.S. Department of Justice in October 2014 with the hopes of adding more detailed information on the scope of surveillance of Twitter users by the U.S. government to its biannual transparency reports.

However, Kanishka Singh of Reuters reported that U.S. District Court for Northern California Judge Yvonne Gonzalez Rogers granted the government’s request to dismiss the suit.

She said in her ruling last Friday that granting Twitter’s request “would be likely to lead to grave or imminent harm to national security.”

Twitter legal, policy and trust and safety lead Vijaya Gadde said in a tweet, “After a six-year battle, we’re disappointed by the result but twice as committed to the fight. Transparency matters. Protecting civil liberties matters. Especially now. We feel a responsibility to take these stands, and we will continue to do so.”

Twitter Public Policy added in a tweet, “Transparency is a key principle in our mission to serve the public conversation. It’s vital that the public sees the demands we receive and how we work to strike a balance between local law, supporting people’s ability to tweet and protecting people from harm.”

Shayne Heffernan Trade Idea

The markets still thrashing about for a direction amidst all the Coronavirus concerns, but this is a little bit more of a localized story to cover. Elliott Management, the famed hedge fund and activist firm, has been reported to own, I’ve heard anywhere between $1 billion and $2 billion worth of shares in Twitter, the social media giant that hasn’t been performing to expectations since basically forever. That would amount to 3.7% to 7% of the equity depending on the specific numbers.

While Elliott hasn’t released a letter as far as I’ve seen, or filed a 13-D, the focus has been reported to have been on Jack Dorsey, the company’s CEO and Co-Founder and just where he is in terms of his professional focus, and same said, company underperformance. Dorsey has already started to make some changes, and has started to respond to defend himself. So we’re going to get into what this means for the company. Is there an opportunity here, and everybody’s favourite topic on the line, how to fix Twitter?

“I am seeing limited upside potential at current levels.”

Why This Matters

Billionaire Paul Singer’s Elliott Management said global stocks could tumble further, ultimately losing half or more of their value from February’s high, as the world braces for the deepest recession since the 1930s-era Great Depression.

The New York-based hedge fund firm, in a letter to clients on Wednesday seen by Reuters, wrote that the sharp market decline seen between late February and late March “provided a heavy bookend to a dozen years of basically nonstop positive returns in global stocks, bonds and real estate.”

And the rout is likely not yet over. 

“Our gut tells us that a 50% or deeper decline from the February top might be the ultimate path of global stock markets,” said Elliott, which controls $40.4 billion in assets and is closely watched for its views on markets and economics.

Elliott, founded in 1977 by Singer, is known for its founder’s relatively pessimistic economic views and for warning about economic dangers long before others see them.

Ever since the 2008 financial crisis, Singer has written in client letters that asset prices were overvalued as governments flooded the market with cheap money to revive growth.

Now with millions unemployed, the letter said emergency actions are needed. “Deficit spending and massive monetary expansion are called for to prevent total collapse,” it said.

Sounding a note of caution for policymakers, the letter added that “monetary soundness is the key to financial system soundness.”

Over nearly four decades Singer and his team have been known as steady and reliable investors who protect capital for pension funds, college endowments and private investors by returning an average of 13% a year.

In the first quarter, the Elliott International fund gained 2.2% in the first quarter while its Elliott Associates fund was up 1.6%.

 The average hedge fund lost roughly 8% percent during the same time, data from Hedge Fund Research show.

 The firm said it hedged its portfolio with protection trades on credit, equities, rates and gold. This helped offset declines in distressed debt and equity trades.

 A spokesman for New York-based Elliott Management Corp did not immediately respond to an email seeking comment.

While Elliott invests in a variety of instruments, it is especially well known as an activist investor that has pushed for changes at companies such as Twitter, SoftBank and AT&T.

Technical Indicators

Note: this chart shows extraordinary price action to the downside.

The projected upper bound is: 31.46.

The projected lower bound is: 22.10.

The projected closing price is: 26.78.


A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 22 white candles and 28 black candles for a net of 6 black candles.

Momentum Indicators

Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 29.8620. This is not an overbought or oversold reading. The last signal was a sell 5 period(s) ago.

Relative Strength Index (RSI)

The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 49.19. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 21 period(s) ago.

Commodity Channel Index (CCI)

The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is 40. This is not a topping or bottoming area. The last signal was a sell 3 period(s) ago.


The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 16 period(s) ago.

Rex Takasugi – TD Profile

TWITTER INC closed up 0.310 at 27.010. Volume was 9% below average (neutral) and Bollinger Bands were 16% narrower than normal.

Open      High      Low        Close        Volume
26.380    27.520    26.110     27.010       3,894,028
Technical Outlook
Short Term:           Neutral
Intermediate Term:    Bearish
Long Term:            Bearish
Moving Averages: 10-period       50-period         200-period
Close:           26.91           30.21             34.78
Volatility:      72              105               71
Volume:          4,067,792       4,910,280         3,529,921

Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon. Suggested Trade: Sell


TWITTER INC is currently 22.3% below its 200-period moving average and is in an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future. Our volume indicators reflect volume flowing into and out of TWTR.N at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on TWTR.N and have had this outlook for the last 3 periods.

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I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.

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