|Company Name||Twitter, Inc.|
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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