Elon Musk responds to Twitter’s criticism of quarterly results.
Twitter largely blamed its second-quarter revenue deficit on Elon Musk’s $44 billion purchase.
Facebook’s second-quarter revenue was $1.18 billion, comprising $1.08 billion in advertising and $101 million in subscription and other revenues. Refinitiv forecast $1.32 billion.
“Twitter’s purchase cost $33 million.”
Twitter’s purchase cost $33 million in the quarter. The business also highlighted “advertising industry challenges.”
Musk alleged Twitter “violated many terms” of the agreement when it approved his buyout proposal on April 25. Musk denies Twitter’s allegation that 5% of its users are spam.
Twitter called Musk and his team’s allegations “invalid and unfair” Twitter sued Musk for failing to “respect Twitter and its investors.”
Due to Musk’s takeover, Twitter won’t issue financial forecasts or have an earnings call.
Only shareholder approval stands between the merger and completion, the company said.
Twitter shares are trading at about $39 per, significantly below Musk’s $54.20 offer. The stock is down 7% this year.