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Twitter, Inc.

Company NameTwitter, Inc.
Stock SymbolTWTR

On April 28, 2022, Twitter announced its first quarter 2022 financial results in a press release, in which the Company "estimate[d] that the average of false or spam accounts during the first quarter of 2022 represented fewer than 5% of" Twitter's monetizable daily active users. However, the Company stated that this estimate was subject to "significant judgment."

On May 13, 2022, Elon Musk tweeted that his $44 billion bid to buy Twitter was "temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users."

On this news, Twitter’s stock fell $4.35, or 9.7%, to close at $40.72 per share on May 13, 2022, thereby injuring investors. 

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