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Twitter declares loss, $30ml spent on Musk purchase alone

2022-07-25 17:39:36Lifestyle SHKRUAR NGA REDAKSIA VOX

Twitter declares loss, $30ml spent on Musk purchase alone

Twitter spent $33 million on Elon Musk's proposed deal to buy the company between April and June 2022.

The company also said the number of its monthly daily users had increased to 237 million, but reported a net loss of $270 million, which was worse than expected.

Musk has since changed his mind about the purchase and a trial date is now set for October, where Twitter seeks to force Musk to close the purchase.

If Musk is to refuse, then Twitter hopes to at least secure $1 billion that is the guarantee set in case one of the parties withdraws from the deal.

Twitter declined to discuss the latest financial results, citing "pending acquisition" as the reason.

The report covers the period from April to June 2022. Twitter has redoubled efforts against unwanted and false accounts on the platform - the reason Elon Musk had given for completing the deal.

"We have conducted an internal review of an account sample and estimate that the average fake, or unwanted accounts during the second quarter of 2022 represented less than 5 percent of our [monthly active users] during the quarter," Twitter said.

In 2021, Twitter's revenue was $5 billion, but in the last 12 months its shares have fallen 45 percent.


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