The drama over Tesla chief executive and world’s richest man Elon Musk’s bid to buy Twitter and then cancelling the deal is not a secret to anyone. Now, the microblogging site has dragged Musk to the court and a judge on Tuesday ruled that the company’s lawsuit should go to a five-day trial in October.
Things didn’t just pause here. Twitter reported disappointing results on Friday, a miss that the social network attributed to “headwinds” including the uncertainty related to Musk’s buyout bid. The latter, who is making news every now and then for his tweets on almost everything ranging from elections in the US to world population, didn’t keep mum on Twitter’s earnings.
As the platform reported its earnings, a user took to Twitter saying, “Elon twitter is blaming you for missing earnings just FYI.” Musk responded to this by calling himself “rubber” and Twitter “glue”. “I’m rubber, they’re glue,” the billionaire tweeted.
For those wondering what this phrase means, when a person says “I am rubber, you are glue”, they are simply implying that whatever someone is telling them bounces off of them and sticks to the one saying it instead and is used as a retort to insults or criticism.
Twitter earnings
The microblogging site missed expectations with revenue of $1.18 billion, due to “advertising industry headwinds… as well as uncertainty related to the pending acquisition of Twitter by an affiliate of Elon Musk,” the firm said.
Given the pending acquisition by Musk, Twitter stated that it will not provide forward-looking guidance for the third quarter and is also not hosting a conference call with analysts to discuss the earnings results.
Further, the company shared that the costs pertaining to the Musk acquisition were approximately $33 million in Q2. Severance-related expenses were approximately $19 million in the second quarter. Earlier this month, the company had fired a third of its talent acquisition team.
