Twitter Spent $33m In Three Months On Elon Musk Deal

Elon Musk

Musk has since changed his mind about the purchase, and a court date is now set for October because Twitter wants to force through the sale
Twitter has doubled-down on its position on the amount of spam and fake accounts on the platform – the reason Elon Musk had given for terminating the deal

EDITOR’S PICK

EKO HOT BLOG reports that Twitter spent $33m (£27m) on Elon Musk’s proposed deal to buy the firm between April and June 2022.

It also said its number of monthly daily users had risen to 237m – but it reported a net loss of $270m, which was worse than expected.

Musk has since changed his mind about the purchase, and a court date is now set for October because Twitter wants to force through the sale.

There is a $1bn termination fee potentially at stake.

Twitter declined to discuss its latest financial results, citing the “pending acquisition” as the reason.

The report covers the period from April to June 2022.

Twitter has doubled-down on its position on the amount of spam and fake accounts on the platform – the reason Elon Musk had given for terminating the deal.

“We have performed an internal review of a sample of accounts and estimate that the average of false or spam accounts during the second quarter of 2022 represented fewer than 5% of our [monthly active users] during the quarter,” it said – although it added that the figure was an estimate.

FURTHER READING

In 2021, Twitter’s revenue was $5bn (£4.2bn), but in the last 12 months its share price has fallen by 45%.

Click to watch our video of the week

Yinka Akanbi

Yinka is an aesthete and a cosmopolite.