Twitter Attributes Q2 Earnings Drop to 'Uncertainty' Over Elon Musk Deal
Twitter is attributing their recent earnings drop to their current legal battle with Elon Musk.
The social media site reported a $270 million loss in the quarter that ended in June, per NPR. Twitter cited ad industry headwinds and uncertainty about Elon‘s acquisition as contributing factors in its revenue results.
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Elon entered into an agreement to buy Twitter in April. He announced that he would be “terminating” the deal a few months later, claiming that the company was in “breach” of their merger agreement.
He went on to claim that Twitter did not provide enough information about the bot and spam accounts on the platform, nor did they give him and his team enough data to conduct their own investigation.
A few days later, the company announced that they would be suing Elon to complete the $44 million purchase.
Despite Twitter’s disappointing Q2 numbers, the site did see growth in the number of users on the platform with an increase of nearly 9 million.
Elon was recently spotted in Mykonos amid his legal battle with Twitter and you can see the photos here.