Twitter ( NYSE: TWTR ) says in its quarterly report SEC filing that it's spent $33.1M in transaction expenses tied to its arranged acquisition by billionaire Elon Musk.
The filing, following the company's earnings miss last Friday, offers the company's detailed financials as reported but also extra notes on the statements.
It recaps the latest notes on the Musk acquisition saga - how Musk delivered a notice July 8 purporting to terminate the deal ; how Twitter on July 12 launched litigation against Musk ; and how on July 19 the Delaware Court of Chancery set a five-day trial for October .
Other than the $33.1M deal expenses so far, the terms of the transaction didn't have an impact on the financial statements, Twitter says.
The company points to a number of macro impacts, including "the COVID-19 pandemic, the Russian invasion of Ukraine, and actions taken to counter inflation. Supply chain constraints, labor shortages, inflation, and rising interest rates and reduced consumer confidence have caused advertisers in a variety of industries to be cautious in their spending and to either pause or slow their campaigns."
For 2021 and the first half of 2022, "these macro factors had a negative impact on, and may negatively impact in future periods, our advertising revenue," Twitter ( TWTR ) says.
And in response "we are seeking opportunities to reduce our expense growth." The company "significantly" slowed hiring in the second quarter, and they're "being more selective about the roles that we are filling, and we have simultaneously seen our attrition rate increase. We have also reduced non-labor spend in areas such as travel and marketing."
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Twitter says it's spent $33M on expenses tied to Musk's buyout deal