Musk calls himself rubber and Twitter a glue after allegations of a massive quarterly loss

  • In its second quarter, Twitter’s revenue forecasts decline by $1.18 billion, or 1%.
  • After attempting to withdraw his $44 billion from Twitter, Musk is currently engaged in a dispute with the company.
  • The expedited trial is slated for October of this year.

Elon Musk, CEO of Tesla, stated that he is “rubber” and Twitter is “glue” in reaction to Twitter’s accusation that he was responsible for the $270 million quarterly revenue loss.

Twitter’s second-quarter revenue forecasts decreased by $1.18 billion, or 1%, due to “advertising sector headwinds associated with the macroenvironment as well as uncertainty connected to the impending acquisition of Twitter by an affiliate of Elon Musk,” according to the firm.

Musk is now engaged in a dispute with the social media network after attempting to withdraw his $44 billion offer to acquire Twitter.

Musk tweeted on 13 May 2022 that the Twitter transaction was “put on hold” after learning that spam or fake accounts “represent fewer than 5% of users.”

Since then, Twitter and Musk have fought over Musk’s attempt to withdraw his multibillion-dollar offer.

Twitter reported that “Mr. Musk’s representatives delivered a notice purporting to dissolve the merger agreement.” Twitter believes Mr. Musk’s alleged termination is unlawful and unjustified and that the merger agreement remains in effect.”

An expedited trial to resolve the buyout agreement has been approved and is planned for October.