Feb 7, 2023
Twitter’s UK Unit Financial Accounts Are Overdue, Registry Says
(Bloomberg) -- Twitter Inc.’s UK unit failed to report its 2021 corporate finances by a December deadline, the government’s public registry said.
The unit was due to report its previous year’s results by Dec. 31, like all limited companies, according to Companies House, the agency responsible for incorporating and dissolving such firms in the UK. This is the first financial report required in the UK since billionaire Elon Musk bought Twitter in late October for $44 billion.
The disclosures are used to calculate taxes, and companies can face fines if they fail to report on time. Twitter UK Ltd reported turnover of £154 million ($185 million) in its 2020 results, the most recent available.
Under Musk’s leadership, thousands of employees have quit or been let go, including many in the company’s legal, compliance, and public policy ranks.
After the wave of departures, regulators in the European Union expect the platform to be given a designation that will subject it to the bloc’s strictest rules for content moderation, Bloomberg reported Monday, citing unidentified people familiar with the plans.
Twitter’s UK unit was fined in 2012 for not filing for its corporate accounts, Sky News reported at the time, citing Companies House.
(Updates with 2020 revenue in third paragraph.)
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