Saturday Jul 23, 2022
Tesla CEO Elon Musk said that he is “rubber” and Twitter is “glue” in response to Twitter’s accusing the businessman for the $270 million quarterly loss in revenue.
Twitter lost $1.18 billion in revenue expectations, a total decrease of 1% in its second quarter while “reflecting advertising industry headwinds associated with the macroenvironment as well as uncertainty related to the pending acquisition of Twitter by an affiliate of Elon Musk”, said the company.
Multi-billionaire, Musk, is currently in a battle with the social media platform after he attempted to walk away from his $44 billion dollar offer to buy Twitter.
From a tweet on May 13, 2022, Musk tweeted that the Twitter deal is “temporarily on hold” after discovering that spam or fake accounts “do indeed represent less than 5% of users”.
Since then, Twitter and Musk clashed heads over the latter's attempt to walk away from his multi-billion offer.
Twitter said that “representatives of Mr Musk delivered a notice purporting to terminate the merger agreement. Twitter believes that Mr Musk’s purported termination is invalid and wrongful, and the merger agreement remains in effect.”
A fast-track trial to settle the buyout deal was approved and is scheduled for this upcoming October.