Twitter cancels investor conference amid Elon Musk deal termination

Twitter published its financial results for Q2 2022, but declined to hold an investor conference call. The board cited an “unfinished deal” with Elon Musk.

Twitter’s Q2’22 results are now available. Read about it here: https://t.co/k5Wbvok9QW $TWTR

— Twitter Investor Relations (@TwitterIR) July 22, 2022

“Given the unfinished acquisition of Twitter by an affiliate of Elon Musk, we will not hold an earnings call, publish a letter to shareholders, or provide financial guidance […]”, the press release said.

For the second quarter, the social network’s active user base grew 16.6%, to 237 million. At the same time, the company’s revenue fell 1%, to $1.18 billion.

In April 2022, Elon Musk acquired 9.2% of Twitter, and later proposed to buy the company at a price of $54.2 per share. The social network’s management agreed to the terms.

The billionaire explained the initiative as a desire to create an “inclusive arena for freedom of speech”.

However in May Musk halted the purchase after reports of inflated audience metrics. Following this, Twitter shareholders filed a suit over the “chaotic process” of the takeover, accusing the head of Tesla of market manipulation.

In July, Musk stated that he was terminating the social network’s acquisition agreement.

In the same month, Twitter filed a suit against the head of Tesla over his withdrawal from the deal. The platform intends to compel the entrepreneur to fulfil the obligations and complete the purchase.

Read ForkLog’s bitcoin news in our Telegram — cryptocurrency news, prices and analysis.