'I'm Rubber, They're Glue' Elon Musk Responds To Twitter Blaming Him For Missed Earnings

'I'm Rubber, They're Glue' Elon Musk Responds To Twitter Blaming Him For Missed Earnings

‘Whatever you say bounce off me and sticks to you,’ is the rest of that riposte, and what the Tesla Inc TSLA Chief Executive, Elon Musk, said in response to Twitter Inc TWTR blaming him (in part) for its missed earnings report on Friday.

What happened: Twitter’s revenues for the second quarter came in at $1.18 billion, falling short of Street expectations by 1%, with the company blaming its legal battle to close the $44-billion acquisition by Musk and a weakening digital advertising market.

  • Revenue: $1.18 billion vs. $1.32 billion
  • Monetizable daily active users: 237.8 million vs 238.08 million expected
  • Costs and expenses grew 31% to $1.52 billion

Why it matters: The microblogging company has been reporting that less than 5% of active users are bot and spam accounts every quarter since 2013 — Musk cited the percentage of bot and spam accounts as his justification for pulling out of the agreement.

Related: Tesla Short Sellers Take $1B Hit, 'Short Squeeze Hell' Could Be Coming

Twitter was recently had its request granted by the Delaware court of chancery for a fast-track trial, now set for October, versus the February date Musk wanted.

Price action: Shares of Twitter are up 1.59% to $40.15 on Friday, while shares of Tesla were flat at $815.96 at the time of writing. 

Photo: Created with an image from Heisenberg Media on Flickr

Posted In: EarningsM&ANewsHotMediaTrading IdeasGeneral