Twitter reported missed expectations with revenue, which was attributed to “headwinds” including the uncertainty related to Elon Musk’s buyout bid.
The firm is still locked in a legal fight with the Tesla CEO over his not honouring the agreement to purchase the platform for a whopping $44 billion, leaving the company in limbo.
Twitter reported disappointing results, with a revenue of $1.18 billion, due to “advertising industry headwinds… as well as uncertainty related to the pending acquisition of Twitter by an affiliate of Elon Musk,” the firm reported.
The news comes days after Twitter notched a victory in its battle against Musk when a judge agreed to a fast-track trial on whether to force the billionaire to complete the buyout.
Musk argues that the platform was not honest about the number of fake accounts, but the social media platform counters that he is simply trying to get out of the deal.
Musk’s lawyers had pushed for a February 2023 date, but the court in the eastern US state of Delaware hewed closely to the uncertainty-wracked platform’s desire for speed and set an October start.
Billions of dollars are at stake, but so is the future of Twitter, which Musk has said should allow any legal speech: an absolutist position that has sparked fears the network could be used to incite violence.
Unlike big fish such as Google and Facebook parent Meta, which dominate online advertising and make billions in profits, Twitter lost hundreds of millions of dollars in the pandemic over the last 2 years, so the San Francisco-based social network cannot afford to lose customers.
Twitter is left with anxious employees, wary advertisers, and hamstrung management as it limps along while waiting to learn how the saga will end.
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