{"id":10767,"date":"2022-07-23T13:16:13","date_gmt":"2022-07-23T13:16:13","guid":{"rendered":"https:\/\/www.africa-press.net\/botswana\/all-news\/twitter-spent-33m-in-three-months-on-elon-musk-deal"},"modified":"2022-07-23T13:59:43","modified_gmt":"2022-07-23T13:59:43","slug":"twitter-spent-33m-in-three-months-on-elon-musk-deal","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/botswana\/all-news\/twitter-spent-33m-in-three-months-on-elon-musk-deal","title":{"rendered":"Twitter spent $33m in three months on Elon Musk deal"},"content":{"rendered":"

Africa-Press – Botswana. <\/strong><\/span>Twitter spent $33m (\u00a327m) on Elon Musk’s proposed deal to buy the firm between April and June 2022.<\/b><\/p>\n

It also said its number of monthly daily users had risen to 237m – but it reported a net loss of $270m, which was worse than expected.<\/p>\n

Mr Musk has since changed his mind about the purchase, and a court date is now set for October because Twitter wants to force through the sale.<\/p>\n

There is a $1bn termination fee potentially at stake.<\/p>\n

Twitter declined to discuss its latest financial results, citing the “pending acquisition” as the reason.<\/p>\n

The report covers the period from April to June 2022.<\/p>\n

Twitter has doubled-down on its position on the amount of spam and fake accounts on the platform – the reason Elon Musk had given for terminating the deal.<\/p>\n

“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,” it said – although it added that the figure was an estimate.<\/p>\n

In 2021, Twitter’s revenue was $5bn (\u00a34.2bn), but in the last 12 months its share price has fallen by 45%.<\/p>\n

<\/p>\n

Analyst Mike Proulx from the firm Forrester said Twitter was in “purgatory”.<\/p>\n

“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,” he said.<\/p>\n

“The real victim from all this drama is Twitter itself.”<\/p>\n

On Thursday Snap, which owns Snapchat, reported revenue of $1.11bn for the three months to the end of June, which missed Wall Street expectations.<\/p>\n

Its shares slumped by more than 25% after the news.<\/p>\n

It said some of its advertisers had cut their spending, faced with rising costs.<\/p>\n

It also said it had been affected by a change made by Apple last year, which meant iPhone and iPad users could opt out of being tracked by apps.<\/p>\n

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 tailor advertising accordingly.<\/p>\n

Twitter said its ad revenue had increased by just 2%, to $1.08bn.<\/p>\n

Meta and Google’s parent company, Alphabet, is due to report its earnings next week.<\/p>\n

For More News And Analysis About Botswana<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Botswana. Twitter spent $33m (\u00a327m) on Elon Musk’s proposed deal to buy the firm between April and June 2022. It also said its number of monthly daily users had risen to 237m – but it reported a net loss of $270m, which was worse than expected. Mr Musk has since changed his mind […]<\/p>\n","protected":false},"author":84,"featured_media":10766,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,8,9,16],"tags":[233,237,234],"class_list":["post-10767","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-homepage-english","category-miscellaneous","category-twitter","tag-africa-press","tag-africa-press-botswana","tag-botswana"],"yoast_head":"\nTwitter spent $33m in three months on Elon Musk deal - Botswana<\/title>\n<meta name=\"description\" content=\"Twitter spent $33m (\u00a327m) on Elon Musk's proposed deal to buy the firm between April and June 2022. 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