​​Twitter Cancels Q2 Earnings Call

Twitter Inc has canceled this month’s quarterly earnings call.

Twitter cited its ongoing litigation against Elon Musk as the cause of the cancellation.

Twitter did, nevertheless, release a report detailing its recent earnings.

In the second quarter, it announced that it had increased its daily active users by 16.6% to 237.8 million, while its revenue dropped by 1% to 1.18 billion.

Twitter’s revenue had suffered from “uncertainty related to the pending acquisition of Twitter by an affiliate of Elon Musk.”

The social media giant’s troubled relationship with Musk began in April when the entrepreneur agreed to buy the company at $54.2 per share, valuing the company at around $43 billion.

Among Musk’s financiers were a bevy of crypto companies, including Binance and crypto-adjacent venture firm Andressen Horowitz, and it was expected that he would implement certain Web3 features into the platform, such as allowing micropayments.

Last month, Musk attempted to pull out of the deal entirely, claiming Twitter had failed to properly account for the number of bots populating its app.

Twitter disputes this—it says there was no mention of bots in the contract signed by Musk, and that Musk himself had claimed he wanted to buy the platform to “defeat the bots”—and has taken Musk to court.

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