Spiro went on to accuse Meta of hiring “dozens” of former Twitter employees who “had and continue to have access to Twitter’s trade secrets” and other confidential information. “Twitter reserves all rights, including, but not limited to, the right to seek both civil remedies and injunctive relief without further notice to prevent any further retention, disclosure, or use of its intellectual property by Meta.” “Twitter intends to strictly enforce its intellectual property rights, and demands that Meta take immediate steps to stop using any Twitter trade secrets or other highly confidential information,” Spiro wrote in the letter, which Semafor shared online. Shortly after the platform launched, a lawyer for Twitter, Alex Spiro, sent a letter to Meta CEO Mark Zuckerberg accusing the social media giant of engaging in unlawful misappropriation of Twitter’s trade secrets and other intellectual property.
Threads, which is a text-based platform that is similar to Twitter, has already passed 30 million sign-ups since its debut yesterday evening. The Elon Musk-owned company is accusing Meta of poaching former Twitter employees to create the new platform. The question before is just how bad those declines are.Twitter is threatening to sue Meta over its new Threads app less than 24 hours after it launched, as first reported by Semafor. ad revenue this month will be down at least 56 percent each week compared with a year ago.” The same report had a few other key facts, including that Twitter expects that “its U.S. That figure, while a large amount of money in the abstract, is off 59% from the year-ago result the Times wrote, “according to an internal presentation” that it managed to snag. The Times reports that Twitter’s advertising revenues from the United States in the roughly five-week period from April 1, 2023, through the first week of May came to $88 million. Our goal will be directional comprehension and nothing more specific. We’re going to be mixing reported data, hard figures and some larger macro trends all at once. Then we’ll mix in some information regarding Twitter’s debt costs and its slashed cost basis. This morning I want to do a little historical sleuthing through Twitter’s public results, information that we can compare and contrast to more recent information. The company is also in the process of onboarding a new CEO, even if its owner intends to retain control over a broad swath of Twitter’s product work.
Under new management, it has dramatically reduced its staffing, worked on expanding its subscription-revenue footprint and taken a new tonal direction under its new owner. This new data echoes what we’ve heard concerning Twitter’s late-2022 results as well.Įlon Musk took Twitter private in late 2022, meaning that it has been a private company for some quarters now. So, how is Twitter doing now that it is a private company, and a busy one at that? Per The New York Times, the social media company is enduring painful revenue declines compared to year-ago results. Read it every morning on TechCrunch+ or get The Exchange newsletter every Saturday. The Exchange explores startups, markets and money. Taking a company private can be a smart way to reform its operations outside the public-market limelight no longer required to report quarterly to the world, companies that go private often have more latitude to make tough changes to their product mix and employee base.
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