Twitter publishes the final business report before “belonging” to billionaire Elon Musk
This report comes three days after Twitter approved the acquisition offer of Billionaire Elon Musk.
Specifically, Twitter’s profit in the first quarter of 2022 reached 513.3 million USD, 7 times higher than the same period in 2021. The revenue of the first quarter also increased 16%, to 1.2 billion USD, but still lower than the forecast of 1.22 billion USD.
Surprisingly, the number of active users increased to 229 million, higher than experts predicted.
The report is expected to be one of Twitter’s final earnings reports ahead of its resale deal to billionaire Elon Musk, which is expected to be completed by the end of 2022. Following the deal, Twitter canceled its press conference. Quarterly earnings reports with analysts.
On April 25, Tesla CEO Elon Musk announced that he would “acquire” Twitter for $44 billion, equivalent to $54.2 per share. Initially, this technology company rejected Mr. Musk’s intention to buy, but suddenly changed his mind after shareholders approved billionaire Musk’s offer to buy.
Observers say that billionaire Elon Musk’s acquisition of Twitter and mention of plans for a looser approach in content verification will likely lead to conflicts with new laws that the Union approved by the European Union (EU) to protect users against the risk of untrue news, hate speech or harmful content.
French Digital Minister Cedric O said that billionaire Musk will have many interesting ideas for Twitter, but it is necessary to keep in mind the Digital Act, which the EU recently passed and will take effect from 2024, to ensure compliance. Uphold the obligation to screen out disinformation and incitement to hate that every digital platform must do, regardless of the owner. British Prime Minister Boris Johnson’s office stressed that Twitter needs to remain accountable and protect users, even when it changes owners.
Under the new EU law, technology companies must equip systems to quickly detect, flag or remove illegal content, requiring major technology platforms to be more transparent by way to allow managers and researchers to access data about how their systems present content to users.
Similarly, India also reaffirmed its position that social networking platforms should be responsible for the content posted and said by users on these platforms after Twitter confirmed the deal with billionaire Elon Musk. India’s Secretary of State for Technology and Electronics Rajeev Chandrasekhar asserted that a change in ownership of a platform does not affect the regulations the platform must comply with. Since 2021, India has enacted a law that requires social networking platforms to be responsible for the content posted, comply with the country’s information and technology laws, and comply with removal requirements. false information released by the government and transparent mechanisms for handling user complaints.
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