Social media giant Twitter spent over $33 millions on Musk’s proposed deal to acquire the Company between the April And June 2022.
After Elon Musk’s pitches to buy Twitter, The number of users over the platform has risen to 237 millions. But it leads the firm to a net loss of $270 millions which was unexpected.
Elon Musk has changed his mind to buy Twitter and court has now set a date to October because Twitter wants to force through the sale. Now there is a $1 billion of termination fee at stake.
The Social Media Giant declined to discuss about its latest financial results and gives the reason of “pending acquisition”. This financial report covers the period from April to June 2022.
Twitter has made his position down by the means of more spam and fake accounts on the platform. Which made Musk to terminate the deal. In the year 2021 Twitter’s revenue was about $5bn , but in the last 12 month its share price has went down by 45%.
Twitter now has the management who doesn’t want it anymore, a CEO and the board members are getting rid of the platform. The employee base which is suffering it between them all.
Twitter’s shares going down by more than 25% after the news of termination by Elon Musk. Now some of the advertisers made their ways apart spending on the platform. Because of the price hike in the advertising.
This has affected the personalisation of ads – a very valuable service to tech firms – because they can no longer see their users’ other online activities and advertising accordingly.
IMAGE FROM WALLPAPER ABYSS
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