Sunday, August 14

Twitter lowers its income and blames Elon Musk | Digital Trends Spanish

A surprise monetary fall of 270 million dollars of loss in the April-June 2022 period, Twitter suffered in the second quarter of the year, and analysts and the same executives of the social network blamed the failed transaction with Elon Musk.

Inflation has cut ad spending and that was a big drag on Twitter’s quarterly revenue, which fell 1% to $1.18 billion. The company also cited “uncertainty” about the acquisition by Musk.

Shares of Twitter Inc. rose 1% at the opening bell on Friday as the clash with Musk overshadowed almost everything. Twitter is trying to force Musk to make good on his April promise to buy the company for $44 billion. Twitter sued Musk last week to complete the deal, and both sides are preparing for a trial in October to resolve the dispute.

Twitter argued in court that the actions of Musk and his “repeated disparagement of Twitter and its staff” created uncertainty that hurt Twitter’s business operations, employees, and stock price.

Publisher Recommendations

Leave a Reply

Your email address will not be published.