\n<\/p>\n
Twitter, Inc canceled this month\u2019s quarterly earnings call today, citing its ongoing litigation against Elon Musk, the billionaire CEO of Tesla, whose beleaguered attempt to withdraw from a planned multibillion-dollar acquisition of Twitter continues apace.\u00a0<\/span><\/p>\n \u201cGiven the pending acquisition of Twitter by an affiliate of Elon Musk, we will not host an earnings conference call, issue a shareholder letter, or provide financial guidance in conjunction with our second quarter 2022 earnings release,\u201d Twitter wrote in a statement.\u00a0<\/span><\/p>\n Many in the crypto space had enthusiastically supported Musk\u2019s bid for Twitter in the hope that he would further integrate crypto features into the platform and lay the groundwork for broader adoption. <\/span><\/p>\n So far, the principal effect of Musk\u2019s bid has been on Twitter\u2019s ability to conduct its business.\u00a0<\/span><\/p>\n Twitter did, nevertheless, release a <\/span>report<\/span><\/a> detailing its recent earnings. <\/span><\/p>\n 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. The downturn reflects, it wrote, \u201cadvertising industry headwinds\u201d associated with the macroenvironment\u2014presumably Ukraine and the post-pandemic fallout.\u00a0<\/span><\/p>\n It also said revenue had suffered from \u201cuncertainty related to the pending acquisition of Twitter by an affiliate of Elon Musk.\u201d\u00a0<\/span><\/p>\n <\/p>\n The social media giant’s troubled relationship with Musk began in April when the entrepreneur agreed<\/a> to buy the company at $54.2 per share, valuing the company at around $43 billion. <\/span><\/p>\n Among Musk\u2019s financiers were a <\/span>bevy of crypto companies<\/span><\/a>, including Binance<\/a><\/span> and crypto-adjacent venture firm Andressen Horowitz, and it was expected<\/a> that he would implement certain Web3 features into the platform, such as allowing micropayments.\u00a0<\/span><\/p>\n However, as stocks subsequently plummeted and inflation went into a tailspin, Musk appeared to get cold feet, regularly taking to Twitter to lambast the company and its executives. <\/span><\/p>\n Finally, last month, he attempted to pull out of the deal entirely<\/a>, claiming Twitter had failed to properly account for the number of bots<\/a> populating its app.\u00a0<\/span><\/p>\n <\/p>\n Twitter disputes this\u2014it 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 \u201cdefeat the bots\u201d\u2014and has taken Musk to court. It hopes to compel him to buy the company or else force him to pay a $1 billion \u201cdivorce fee.\u201d<\/span><\/p>\n Earlier this week a court agreed to a \u201cfast-track\u201d hearing that will see litigation begin in October. <\/span><\/p>\nTwitter, Musk and Crypto<\/span><\/h2>\n
\nWant to be a crypto expert? Get the best of Decrypt straight to your inbox.<\/h3>\n
\n\n
![](\"https:\/\/cdn.decrypt.co\/resize\/1536\/wp-content\/themes\/decrypt-media\/assets\/images\/newsletter-adunit-vector.png\")
<\/span><\/div>\n<\/div>\n