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Martin Peers

No, Musk Isn’t to Blame for Twitter’s Slowdown

Investors seem to be similarly missing the big picture on Snap.

The stock price has dropped back down.

The stock price has dropped back down.

Photographer: Gabby Jones/Bloomberg

In times like these, it’s easy to lose sight of the bigger picture.

Take Twitter, which this morning blamed uncertainty related to Elon Musk’s acquisition as a factor in its second quarter slowdown, along with “industry headwinds associated with the macroenvironment.” That sounds a little as if Twitter is playing to the anti-Musk crowd. The company’s 3% revenue growth in the quarter — excluding the contribution to the prior year quarter of its recently divested MoPub business — is pretty much what you would expect in this economic environment, given how Twitter has performed relative to other internet ad companies in the past.