Twitter says Elon Musk is losing money

Earlier this week, Twitter became the first in its lawsuit against Elon Musk to receive an expedited process. In October next year, there will be a trial for a large ransom, which the businessman no longer wants to carry out.

It is in this very specific context that the microblogging social network publishes its second-quarter results. Turnover reached $1.18 billion, down 1% year-on-year, with a net quarterly loss of $270 million. In the second quarter of 2021, net income was $66 million.

At the end of June, the number of monetized daily active Twitter users was 237.8 million, up 16.6% from last year. Of these, 41.5 million in the US (+14.7% per year). Twitter is making improvements to its chat tools.

Elon Musk is sure to be quoted, but restrained

Like Snap (Snapchat), Twitter is facing online advertising revenue problems — more than 90% of its revenue — due to advertiser spending cuts. The group also highlights the macro environment and adds… “the uncertainty surrounding Elon Musk’s ongoing acquisition of Twitter.”

So Twitter points to the impact of this incredible case. Only on July 8, Elon Musk announced that he was refusing to take over Twitter, which means at the beginning of the third quarter. However, on May 13, it suspended the proposed takeover, questioning Twitter’s assessment of fake accounts and spam.

It was on April 14 that Elon Musk offered to buy Twitter for $44 billion, becoming its largest shareholder by purchasing a 9.2% stake a month earlier. A big proposal that was passed by Twitter’s board of directors on April 25th.


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