Tesla owner Elon Musk’s takeover of Twitter has raised $1.2 billion in social media platform revenue and 229 million daily subscribers. On Thursday, Twitter posted its quarterly earnings of $51.3 million (profit) just days after the social media platform agreed to sell the company to Elon Musk.

By March of this year, Twitter’s revenue had reached $1.2 billion. That’s up 16% from the same period last year.

The average number of active daily subscribers in the first quarter of 2022 was 229 million, up from 14 million in the same quarter last year.

An agreement to sell the company to Elon Musk was announced earlier this week, and the deal is expected to be completed later this year.

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Because the company is in the process of being sold to SpaceX and Tesla CEOs, Twitter has canceled a conference call of executives and industry analysts that was usually made when the results were presented.

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