Twitter had set an ambitious road map for itself, which it now concedes is impossible to follow amid the hurly-burly of the billionaire’s arrival.
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The decision came as Twitter reported first-quarter earnings that generally matched investor expectations. The company had $1.2 billion in sales—a 16% increase from a year ago—as daily users increased to 229 million, slightly more than Wall Street’s forecast for 227 million. Twitter shares rose to 1.2% to $49.20 in premarket trading. Musk has offered $54.20 a share for Twitter, and the unusually high spread between Twitter’s current price and Musk’s offer indicates some shareholders remain skeptical that the transaction will happen. The company expects it to close this year, and while Musk won board approval earlier this week, the next step is a shareholder vote.
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