Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Twitter Quarterly Revenues Slip by $270 Mln

Fri 22 Jul 2022 | 08:00 PM
Rana Atef

Twitter recorded a $270 million loss on Friday after its revenues fell by 1% in the second quarter of 2022 to reach $1.8 billion.

The loss of the platform came despite the rise in users by 16.6% as the performance of the platform was somehow impacted by the long negotiations between the company and Tesla CEO Elon Musk.

Early this week, Twitter gained an early victory in its legal battle with SpaceX and Tesla CEO Elon Musk as a Delaware judge scheduled the trial in October.

Musk previously asked the court to delay the trial to begin in February 2023, unlike the leading social media platform which asked for a near trial.

Chancellor Kathaleen McCormick of the Court of Chancery in Delaware decided to set the trial in October.

McCormick said: “The reality is a delay threatens irreparable harm to the sellers,” she said of the public company. “The longer the delay, the greater the risk.”

Tesla and SpaceX CEO had a legal act towards Twitter’s suing by sending a request to the court for asking it to reject the lawsuit of the social media company, and to rush for setting a date for the trial through the upcoming two months.

Musk accused Twitter of preventing handing him the data he asked for regarding the spam accounts and the bots, on the other hand, the company accused the billionaire of having a bad faith in it, and not finalizing the deal.

On his Twitter account, the Tesla CEO responded to the news of the lawsuit by posting a meme mocking Twitter’s legal action.