Twitter releases March quarter figures, revenue rises to $1.2 billion

Twitter Quarterly Results: Social media company Twitter’s March quarter profit was $513 million. On Monday this week, billionaire businessman Elon Musk made a deal to buy Twitter. Twitter said on Thursday that its revenue grew 16 percent to $1.2 billion between January and March. The number of Twitter users also increased by 16 percent in the reporting period compared to last year. The average daily number of active users is 229 million.

Musk closes to owning Twitter 
Twitter board has approved Musk’s bid to acquire nearly $44 billion, after which he is very close to owning the social media platform Have come. The deal is expected to be completed this year, but has yet to be approved by shareholders and US regulators.

Twitter’s board approved the deal on Monday
Musk offered to buy Twitter on April 14. Musk has said he wants to buy Twitter because he doesn’t think it is living up to its potential as a platform for free expression. Twitter’s board on Monday unanimously approved his proposal and recommended shareholders to do the same. The deal happened with a 38 percent premium to Twitter’s closing price on April 1.

Twitter board initially tried to block acquisition
Twitter’s board initially tried to block Musk from taking over, but things changed dramatically when Musk paid $46.5 billion dollars, and said that he would invest $21 billion of it himself. Musk said other investors can also contribute.

Musk has extensive business experience. He is the CEO of Tesla, which is about 25 times the size of Twitter.

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