Twitter misses quarterly revenue estimates

Twitter Inc, which has agreed to a $44 billion sale to Elon Musk, reported first-quarter revenue on Thursday that fell short of Wall Street estimates as advertising revenues slowed.

The company reported revenue of $1.2 billion, below analysts’ average estimate of $1.23 billion, according to IBESdata from Refinitiv.

Elon Musk to purchase Twitter for almost R700 billion:

The European Union’s internal market chief said on Tuesday that Elon Musk could adapt Twitter as he wishes after he acquires the social media site but warned the billionaire that the bloc has strict rules for online platforms to tackle illegal content.

“It will be up to Twitter to adapt themselves … to our rules,” Thierry Breton told Reuters and one other media outlet on the deal sealed on Monday by Tesla’s chief executive to buy Twitter for $44 billion.

“I think Elon Musk knows Europe very well. He knows very well that we have some rules for the automotive industry … and he understands that. So in Europe, in order to protect freedom of speech and to protect individuals, any company will have to fulfill this obligation.”

Musk, the world’s richest person, calls himself a free speech absolutist and has criticised Twitter’s moderation of a hugely influential platform that is populated by millions of users and global leaders.


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