Twitter reports $270m quarterly loss amid Elon Musk feud

Forbes claimed that Twitter declared a revenue loss of $270 million on Friday while simultaneously battling Tesla CEO and billionaire Elon Musk over his takeover proposal.

Due to “advertising industry headwinds” and “uncertainty relating to the impending acquisition of Twitter by an affiliate of Elon Musk,” Twitter declared a loss of around $1.18 billion in revenue estimates.

The prominent social media company is currently engaged in a legal dispute with Musk over his attempt to withdraw his $44 billion deal to purchase Twitter.

A few days earlier, Twitter hailed a victory over Musk when a judge authorized a speedy hearing to determine whether Musk should be compelled to finish the buyout.

Musk asserts that Twitter duped a large number of illegal accounts. Twitter, though, says Musk is attempting to evade the agreement.

He had hoped for February 2023, but the trial is scheduled to begin in October.

The billionaire is notorious for his controversial views, one being that Twitter should permit all lawful speech to protect its future. However, many are afraid that this may foster prejudice and violence.

Analysts assert that Twitter’s user base growth in the United States has stalled and may even decline.