Twitter spent $33 million on Elon Musk’s deal in three months

Twitter has spent $33 million in between April and June, on Musk’s proposed deal to buy the firm. Recently, the Tesla owner showed his interest in changing the deal, but the firm wants to go through the deal, thus a court date has been set for October. The firm stated that the number of active users rose to 237 million but reported a net loss of nearly $270 million, which was worse than expected. This report is for the months of April to June 2022. However, with all such going, there is a possible risk of a $1 billion termination fee, BBC reported.

The firm has strengthened its stance on the issue of spam and fraudulent accounts, which Elon Musk cited as a justification for ending the agreement. Twitter in a statement said, “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,” BBC reported.

Add WION as a Preferred Source

As per an analyst Mike Prolux claimed that Twitter was in ‘purgatory.’ He further said, “Twitter now has an acquirer who no longer wants it, a CEO and board who wants to get rid of it, and an employee base which is caught in the middle of it all,” BBC reported.

The analyst further stated that the firm is the actual victim of all the turmoil.

Twitter’s revenue in the year 2021 was $5 billion but its share price fell by 45 per cent in the last 12 months. However, it is said that the advertisement revenue for the firm increased by 2 per cent.

(With inputs from agencies)

WATCH WION LIVE HERE

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.