Jul 22, 2022

Twitter spent $33m in three months on Elon Musk deal

Twitter spent $33m 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. Mr 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 declined to discuss its latest financial results, citing the "Pending acquisition" as the reason. In 2021, Twitter's revenue was $5bn, but in the last 12 months its share price has fallen by 45%.Analyst Mike Proulx from the firm Forrester said Twitter was in "Purgatory". Twitter said its ad revenue had increased by just 2%, to $1.08bn.Meta and Google's parent company, Alphabet, is due to report its earnings next week.

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