Twitter Accuses Elon Musk For $270 Million Loss In Q2 Results

Twitter revealed on Friday that it suffered a $270 million net loss in the second quarter (Q2), partly as a result of uncertainties around Elon Musk's potential takeover of Tesla, which had a negative impact on its advertising business.
 

Due to the existence of bots on the network, Musk cancelled the $44 billion Twitter transaction. Twitter sued him for the cancellation, and the trial has been scheduled for October in a US court.

Twitter stated in its Q2 earnings that its Q2 revenue was $1.18 billion, a 1% reduction from the prior year, "indicating headwinds in the advertising sector linked to the macroenvironment as well as uncertainty connected to the prospective acquisition of Twitter by an affiliate of Musk."
MoPub and MoPub Acquire were excluded, and year-over-year increase was 3%.

Ad income for Twitter came to $1.08 billion, while subscription and other revenue came to $101 million.

Average monetizable daily active usage (mDAU) for Q2 increased by 16.6% from Q2 of the previous year to 237.8 million.

According to Twitter, the surge was caused by continual product updates and a global discussion about current events. The company said that given the pending acquisition of Twitter by Musk, "we will not host an earnings conference call, issue a shareholder letter, or provide financial guidance.