Twitter Blames Elon Musk , for Its Revenue Slide .
'The Guardian' reports that Twitter has blamed Elon Musk for a drop in revenue spurred by the billionaire's chaotic takeover bid.
'The Guardian' reports that Twitter has blamed Elon Musk for a drop in revenue spurred by the billionaire's chaotic takeover bid.
In addition to Musk's high-profile acquisition attempt, Twitter blamed an overall weak advertising market.
In addition to Musk's high-profile acquisition attempt, Twitter blamed an overall weak advertising market.
According to the social media company, revenue for the past three months was down to $1.18 billion, a 1% drop from the same time last year.
Twitter said the drop reflected “advertising industry headwinds associated with the macroenvironment” as well as “uncertainty related to the pending acquisition.”.
Twitter said the drop reflected “advertising industry headwinds associated with the macroenvironment” as well as “uncertainty related to the pending acquisition.”.
According to the company, expenses related to Musk's now-abandoned acquisition cost Twitter $33 million in the quarter.
Those costs also pushed Twitter into a net loss of $66 million.
'The Guardian' reports that Musk’s $44 billion bid overshadowed the company's losses.
Due to the ongoing takeover situation, Twitter is not hosting a conference call to discuss earnings results.
Due to the ongoing takeover situation, Twitter is not hosting a conference call to discuss earnings results.
Musk recently announced that he wanted to pull out of the deal, citing lingering questions over the number of spam or fake accounts on the platform.
In response, Twitter has filed a lawsuit attempting to force Musk to proceed with the deal, citing a legal agreement he signed in April
