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Twitter Earnings Mark User Growth as Musk Takeover Looms
Twitter Earnings Mark User Growth as Musk Takeover Looms
Twitter continued to work toward an ambitious goal by adding users in the first quarter, an improvement overshadowed by the $44 billion deal Elon Musk struck earlier this week to buy the influential social media company.
The social media site said Thursday that 229 million users, a 15.9% year-over-year increase, logged onto the site daily in the quarter that ended March 31.
The growth, noted in Twitter's earnings report, is eclipsed by Musk's plans to acquire the social network. The mercurial CEO of Tesla and SpaceX has said he wants to loosen content moderation at Twitter and has indicated that he isn't concerned with its business performance.
Twitter, which canceled the analyst call that customarily follows earnings releases, said little in its press release about the pending acquisition, except that it won't provide forward-looking guidance and that it has withdrawn its previous goals and outlook.
Earlier, Twitter had set goals of reaching 315 million daily users and increasing annual revenue to $7.5 billion by 2023.
In its earnings report Thursday, Twitter also said that for the past three years, it had been slightly overreporting its user numbers because of how it had counted multiple accounts tied to a single user as multiple users. In a chart comparing the older numbers with the corrected numbers, the biggest numerical discrepancy was 1.9 million users, or just under 1%, in the fourth quarter of 2021.
Musk, the world's richest person, has said he wants to acquire Twitter because he doesn't believe the company adheres to the principles of free speech, a term he has used often and loosely. On Tuesday, he tweeted, "By 'free speech', I simply mean that which matches the law."
Under the US Constitution's First Amendment, free speech refers to protection from government interference. It doesn't apply to companies such as Twitter.
At a public engagement earlier this month, Musk said he doesn't care about Twitter's economics, which could deteriorate if looser moderation standards attract hate speech and harassment that drive away advertisers.
In the first quarter, Twitter generated revenue of $1.2 billion, up 16% year over year. CNBC, citing data from market data provider Refinitiv, reported that quarterly revenue was below estimates of $1.23 billion. Twitter reported 61 cents earnings per share though that included its sale of mobile app platform MoPub.
Elon Musk on Thursday fielded questions from Twitter employees, who reportedly queried the billionaire over how his proposed $44 billion acquisition of the social media service could affect everything from content moderation to remote work.
Musk told the company's more than 7,500 employees that he is committed to both a diverse workplace and a diverse user base, according to The New York Times. Musk, who also runs electric car maker Tesla and rocket maker SpaceX, expressed hopes the company's user base can reach at least 1 billion people, which he reportedly said would be the "most explicit definition of inclusiveness." Twitter had roughly 230 million daily users, according to its most recent earnings report.
He also suggested a laissez-faire approach to content moderation.
"We should allow people to say what they want," he reportedly told Twitter employees.
The remarks come amid widespread speculation that Musk is trying to renegotiate or cancel the deal he struck in April to buy Twitter for $54.20 a share. The price constituted a 38% premium to Twitter's closing stock price on April 1, when Musk revealed he had built up a more than 9% stake in the publicly traded company. Musk plans to take Twitter private. Since Twitter announced the deal, however, the company's shares have fallen amid concerns about the deal and a broader market selloff.
On Thursday, Twitter shares rose 1.1% to $38.40 in early afternoon trading.
Neither Twitter nor Musk's lawyer responded to requests for comment.
Musk has said he wants to purchase Twitter to safeguard free speech, a term he uses vaguely.
The First Amendment to the US Constitution protects speech only from government censorship. Private companies such as Twitter can make their own rules about what is permitted on their services. In May, Musk said he would lift Twitter's ban on former US President Donald Trump, but the politician has said he doesn't plan to rejoin the social network. Twitter permanently suspended Trump for violating Twitter's rules against glorifying violence after the Jan. 6 Capitol Hill riot.
The deal has periodically appeared to be on the rocks as Musk has repeatedly taken issue with Twitter's assessment of bots on the service. Last week, Musk lawyer Mike Ringler sent a letter to Twitter, accusing the social network of refusing to provide Musk with more information about spam and fake accounts. The Washington Post, citing a person familiar with the company's thinking, reported that Twitter planned to provide Musk with a trove of data.
Twitter's shareholders still need to approve the deal in a special meeting that's expected to take place by early August.
Musk has said that a lower price isn't out of the question. Twitter has signaled that it plans to move forward with the current deal.
The uncertainty about Twitter's deal with Musk has prompted plenty of questions about the social media site's future. Internally, Twitter employees have said they don't think Musk fully grasps the challenges around content moderation, Bloomberg reported, citing an internal discussion between employees before Twitter announced the deal with Musk.
While Musk has vowed to "authenticate all humans," he told Twitter employees he doesn't plan to make people use their real names on the platform, The New York Times reported. He also reportedly praised Chinese social media apps WeChat and TikTok during Thursday's call. Twitter could integrate payments into its app so people could send money, Musk reportedly told Twitter employees.
At one point, he told Twitter employees that he hadn't seen any evidence of alien life, according to multiple reports. The comment reportedly perplexed many attendees of the call.
Musk reportedly told employees that he wanted to be involved in Twitter's product and expected them to "listen to me in this regard." However, he shared no thoughts on what his title might be if the deal is completed.
He also appeared to indicate to employees that he preferred them to be in the office rather than working remotely, reportedly telling them it is "much better if you are on location physically." Despite reportedly pointing out his worries about remote work, Musk also said there are differences between working at a carmaker like Tesla and at a social media site, noting that people who are "exceptional at their jobs" can work remotely.
CNET's Carrie Mihalcik contributed to this report.
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Return of Meme Stocks: Why Bed Bath & Beyond and GameStop Won't Go Away
Return of Meme Stocks: Why Bed Bath & Beyond and GameStop Won't Go Away
Meme stocks -- stocks that go viral online through social media or message boards -- continue to make news on the New York Stock Exchange and NASDAQ. Last Tuesday, Bed Bath & Beyond's stock price (BBBY) soared up 60% only to crater three days later. Retail investor favorite GameStop (GME) also saw a similar spike and fall.
In 2021, meme stocks like GameStop exploded in price due to large groups of retail investors promoting massive purchases online. A coordinated "short squeeze" of GameStop in January 2021 took its stock price over $500 -- 30 times more than its $17.25 valuation at the start of the year.
Hedge funds who had heavily "shorted" GameStop -- expecting its price to fall -- freaked out. Popular online brokerage Robinhood froze trading for GameStop and other meme stocks, earning the ire of both investors and politicians, as well as a class-action lawsuit.
Meme stocks -- stocks that gain popularity through social media, often through the sharing of memes -- gradually disappeared from the headlines last year, but the latest rise of BBBY and GME indicates that this investing phenomenon is far from finished.
What are meme stocks and why are they making news in the stock market now? Learn why these stocks often trade for much more than their indicated worth and how online campaigns for meme stocks operate.
Note: Meme stocks are highly volatile and have seen wild price swings up and down over the past few years. These stocks come with a high level of risk and should be treated accordingly. If you're not an experienced investor, we recommend getting professional financial advice before investing any money in the stock market.
What are meme stocks?
Meme stocks are the shares of companies that have gone viral online, primarily propelled by social media hype. The price of a meme stock often rises considerably higher than the value suggested by its company's financial performance.
Meme stock companies are promoted in online message boards and on social media sites like Reddit, YouTube, Twitter and Facebook, typically through the sharing of memes. A meme is an idea or cultural signifier -- often a humorous image or animated gif -- that becomes popular online, usually via social media platforms.
Communities promoting meme stocks have their own terms and slang, including "stonks" (a funny term for stocks) and "bagholder" (someone who holds onto a meme stock after its price has crashed).
Who is promoting meme stocks online?
The subreddit WallStreetBets -- commonly referred to as /r/WallStreetBets or WSB -- on the social-media site Reddit is the epicenter of meme stocks. Started in 2012 by Jaime Rogozinski, the community message board has since experienced drama related to removing moderators with possible conflicts of interest.
/r/WallStreetBets
WallStreetBets moved from internet niche to household name when it pushed GameStop in January 2021. First promoted by user Roaring Kitty in August 2020, the short squeeze of GameStop hit the right notes for going viral -- an outdated but popular gaming company that Wall Street had left for dead, plus a chance for small investors to "stick it to the man" by hurting hedge funds that had shorted the stock heavily.
The WallStreetBets subreddit hit its zenith of virality on Jan. 26, 2021, when Elon Musk tweeted out a link to the board with a one-word message: "Gamestonk!!" The WallStreetBets community currently has 12.4 million members.
Before GameStop, WallStreetBets had become popular online for its aggressive trading strategies, low-brow humor and YOLO ("you only live once") attitude toward investing, with Vice magazine labeling it "the 4chan of finance." An increase in contributors to the subreddit in the late 2010s was likely fueled by the rise of no-commission brokerages like Robinhood and mobile stock trading.
Other internet sites, such as the social media company StockTwits, have been involved in promoting meme stocks, but not on the same scale or with as large an impact as WallStreetBets.
How do meme stocks prices get so high?
It's all about critical mass. For any meme stock to make a noticeable spike in price, enough investors need to be convinced to buy the stock. As early adopters convince investors to buy in, the price starts to rise, attracting more investors struck by FOMO ("fear of missing out"). At some point in a meme stock's rise, owners of the stock start to cash out, bringing the price downward again.
In the case of GameStop, the heavily shorted positions held by hedge funds further helped fuel the rise of the stock price. As investors pushed the price of GameStop skyward, short sellers were forced to buy the stock to cover their positions, making the price of the stock go even higher.
What are the companies whose shares have become meme stocks?
Aside from GameStop and the currently popular Bed Bath & Beyond, several more companies have been taken on the meme stock ride over the past few years. These companies include:
AMC Entertainment Holdings, Inc (AMC). -- A US movie theater chain
Blackberry Ltd. (BB) -- A Canadian cybersecurity company best known for its outdated portable devices
Express Inc. (EXPR) -- An American fashion retailer
Koss Corp. (KOSS) -- A US manufacturer of headphones
Nio (NIO) -- A Chinese electric car producer
Nokia Corp. (NOK) -- A Finnish telecommunications company best known for its "brick" mobile phones
Novavax (NVAX) -- An American pharmaceutical company
Palantir (PLTR) -- An US software company
Peloton (PTON) -- An American bicycle/exercise company
Robinhood Markets Inc. (HOOD) -- An online, commission-free stock brokerage
Snap (SNAP) -- An American social media company
Tesla (TSLA) -- A US electric vehicle company
Tilray Brands (TLRY) -- An American packaged goods and cannabis company
Vinco Ventures Inc. (BBIG) -- A holding company for digital businesses
Virgin Galactic (SPCE) -- A US spaceflight company
One interesting potential new meme stock making a splash recently is AMTD Digital Inc., a Hong Kong-based financial technology company with about 50 employees. Near $16 in mid-July, its stock price leapt up to more than $2,000 in early August, putting its value at 4,000 times its earnings and placing it temporarily in the top 10 most valuable publicly traded companies in the world. Its price has since dropped back to slightly under $200.
What's different about meme stocks in 2022?
While the practice of pumping up stock prices far beyond their companies' value has been popular in the past few years, the novelty of the concept may have worn off in 2022.
Casual investors who took part in the GameStop squeeze might not be as motivated to participate in pumping up less-iconic companies like Tilray Brands or Palantir. They might also have lost significant money last year when GameStop's price crashed in 2021 from a peak of $483 to $53.50 in about a week.
In an interview with Yahoo Finance, Interactive Brokers' chief strategist Steve Sosnick argues that the pool of meme-stock investors has shrunk considerably, making GameStop-style stock price spikes less likely.
"[With] the initial meme stock craze you had people coming in who never invested before putting money into these stocks and investing," Sosnick said. "Now it seems to be the same cast of characters chasing the same list of names with a couple of new exceptions every so often."
Ironically, meme stocks may have become part of the traditional stock-market industry that they were threatening in 2021. Financial advisor Roundhill Investments has created an exchange-traded fund (a tradeable mutual fund) based on meme stocks. The fund currently includes securities such as AMC, Palantir and Novavax.
