Twitter, one of the most popular social media platforms in the world, announced its results for the second quarter of 2022 today. If the results make the company happy at some points, it makes the authorities think, especially in economic terms. Investigating the cause of the situation, the company responsibly turned to the name that everyone guessed.
While the Twitter economy declines, the number of users on the platform increases
According to the figures announced by Twitter, the company experienced some economic decline compared to the same period last year. The platform’s revenues fell from $1.20 billion last year to $1.18 billion this year. Although the decline is not a big loss for the company, Twitter thinks that there should be a big increase when it comes to increased interaction.
Economic crisis at Snap: the bad trend continues!
Snap, which has been on the path of recovery within the platform recently, is struggling with economic problems. The crisis for the company is growing.
Over the past three months, Monetizable Daily Active Users (mDAU) have increased from 39.6 million to 41.5 million, with global reach jumping from 189.4 million in April to 196.3 million today. The company attributes this net increase not to be reflected in revenues to Elon Musk.
According to company officials, the brand value of the platform and the Twitter economy were hit hard by the acquisition process with Elon Musk. The company sued Musk by hiding behind this situation. According to the information received, the company has a strong hand in this case. So much so that what Musk wrote about Twitter is also used as evidence.
But Elon Musk and his team were caught unprepared for this litigation process. So much so that Musk’s team requested until February 13, 2023 to complete their preparations. However, the Delaware Court of Chancery turned down Musk’s request and said the court would appear in October 2022.