International
Musk 'uncertainty' hurting revenue: Twitter─── 07:00 Sun, 24 Jul 2022
Twitter blamed disappointing results Friday on "headwinds", including the uncertainty that Elon Musk's chaotic buyout bid has imposed on the company.
The firm is locked in a legal battle with the mercurial Tesla boss over his effort to walk away from a $44 billion deal to purchase the platform, leaving the company in limbo.
Twitter missed expectations with 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 company reported.
Also, in the current context of tightening credit conditions and economic turbulence, many companies like Twitter that rely heavily on ads are suffering from a decrease in advertisers' budgets.
