Twitter-Musk Takeover Dispute Heading For An October Trial
Twitter is trying to force the billionaire to make good on his April promise to buy the social media giant for $44 billion.
LEARN MOREPosted: 9:26 a.m. EDT Jul 22, 2022
Twitter reported a quarterly loss Friday as revenue slipped even as its number of users climbed.
The social media company's latest quarterly earnings figures offered a glimpse into how the social media business has performed during a months-long negotiation with billionaire and Tesla CEO Elon Musk over whether he will take over the company.
The company lost $270 million in the April-June period after revenue slipped 1% to $1.18 billion, reflecting advertising industry headwinds, as well as uncertainty" over Musk's acquisition bid.
The number of daily active users rose 16.6% to 237.8 million compared with the same period a year before.
Twitter chalked up the gains to “ongoing product improvements and global conversation around current events."
Overshadowing Twitter’s latest sales results is its legal fight with Musk to make good on his April promise to buy the company for $44 billion. Twitter last week sued Musk to complete the deal and both sides are bracing for an October courtroom trial to resolve the dispute.
Given the pending acquisition, Twitter said it wouldn't hold its usual quarterly earnings conference call or issue a shareholder letter.
Additional reporting by The Associated Press.
