Tesla CEO Elon Musk has decided to stop the $44 billion acquisition of Twitter after receiving the report.
On Twitter, billionaire Musk explained that he made the decision after receiving information that fake accounts on Twitter account for less than 5% of users of this social network. This number is calculated by Twitter itself and announced in early May 2022.
The decision sent Twitter Inc’s share price down 17.7% to $37.1, its lowest level since Musk revealed his stake in the company in early April 2022 and made a profit. attractive repurchase offer afterwards. Twitter has yet to respond to this move.
Previously, on April 28, social networking platform Twitter announced lower-than-expected business reports for the first quarter of 2022, but the number of active users increased. This report comes three days after Twitter approved billionaire Elon Musk’s offer to buy.
Specifically, Twitter’s profit in the first quarter of 2022 reached $ 513.3 million, 7 times higher than the same period in 2021. The revenue of the first quarter also increased 16%, to $ 1.2 billion, but still lower than the forecast of 1.22 billion USD.
Surprisingly, the number of active users increased to 229 million, higher than experts predicted.