Despite an increase in the number of users of social media giant Twitter, the company’s revenue has declined. Elon Musk also said that he wants to buy Twitter shares at $54.20 per share for a total of 4400 crores. An agreement was also signed between Twitter and Elon Musk in this regard. But Twitter didn’t provide details about those fake accounts and spam, so Elon Musk abruptly announced a few days ago that he was canceling the deal to buy Twitter. Twitter has filed a lawsuit against Tesla founder Elon Musk.
In this case, despite the increase in the number of users on the social media platform Twitter, there has been a decline in the income of the Twitter company. This decline was reported in the April-June quarter of 2022. The decline was higher than what industry analysts had estimated. The social media company lost $270 million, or eight percent per share, in the April-June 2022 quarter, according to a FactSet estimate.
Read more | Court rejects Elon Musk’s plea in Twitter acquisition case
The Elon Musk-Twitter deal, which was expected to increase the stock by 14 percent, has led to a decline in earnings. It is also worth noting that the company has reduced advertising costs due to inflation. Uncertainty over the Twitter Musk deal is causing huge losses for the company.
The company’s daily active users grew by 16.6 percent to 23.78 million compared to the same period a year ago. However, Twitter’s quarterly revenue fell sharply.
Elon Musk is also in trouble now that his Twitter contract has been canceled. The social media company filed a lawsuit against Elon Musk in a Delaware court after he pulled out of the deal, which the court said will go to trial in October.
Read more | Is Elon Musk’s Twitter Account Suspended… What’s the Truth?
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