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Breakingviews - Snap! Elon Musk has another Twitter excuse

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Snap could be Twitter’s raven. The disappearing-message app abruptly slashed its second-quarter forecasts, sending its shares spiraling some 40%. That’s an ominous sign for Twitter. Elon Musk has an additional reason to bail on buying the social media network.

, lost nearly $60 billion. But the two technology titans are on firmer footing, with a wider variety of customers and less exposure to a few big brands. For instance, Facebook and Instagram attract advertising revenue from small businesses while Google hoovers up search ads.Twitter, however, is a similar breed to Snap, feeding from the same revenue stream of brand advertisers.

That deal is already on shaky ground. The Tesla chief executive is stalling his offer while he waits for Agrawal to cough up additional data on fake accounts. Shares of Twitter, which fell 4% on Tuesday to around $36, are well below Musk’s $54.20 offer, implying approximately a 30% chance of the deal closing, according to a Breakingviews

 

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