It has been quite a rollercoaster over the past few months for social media giant Twitter, as the exciting saga of the attempt by tech billionaire Elon Musk to purchase the company rolls on.

The tumult began in May, when the Federal Trade Commission started making noises that it was considering investigating the potential deal for Elon Musk to buy the company on antitrust grounds. Twitter also was rocked by an undercover investigation by Project Veritas, showing the fearful reactions of the tech firm’s woke employees about the prospect of Musk taking over.

Then in June, we reported on Twitter breaking progressive hearts by re-engaging Musk in the deal, after it seemed the progress wasn’t going as scheduled. Around the middle of the month, the company’s board of directors officially put their stamp of approval on Musk gaining ownership.

But earlier in July, as many readers know, there was the earthquake of the news that Musk had canceled his deal negotiations. In the wake of that move, about 10 days ago, Twitter filed suit against the Tesla founder and CEO for breach of contract.

This week, Twitter got both good news and bad news connected to the lawsuit. Let’s start with the good news. On Tuesday, as Deadline reported, the company got a positive ruling from the judge in the case.

Delaware Chancery Court Judge Kathaleen McCormick has set a five-day trial in October for Twitter’s lawsuit against Elon Musk. The company had asked for an expedited four-day trial in September, while Musk’s attorneys wanted a late February date.

The ruling at today’s hearing favored Twitter as the judge agreed with its arguments that a delay can cause its business, and that of any public company, irreparable harm. She disagreed with the Musk camp, represented by Andrew Rossman, that a fall trial was an unfeasible short time frame for all parties involved. “In my view, the defendants underestimate the ability of the court,” she said after hearing arguments for both sides.

But the bad news, which came Friday, is that the delay and “uncertainty” over the unfinished deal with Musk may already be hurting Twitter’s bottom line.

Deadline:

Twitter swung to a loss in the June quarter and missed Wall Street’s revenue forecast, blaming ad-industry headwinds and uncertainty surrounding its acquisition by Elon Musk.

It swung to a $270 million loss from a $66 million profit the year earlier. Revenue of $1.18 billion was down 1% year-over-year (or up 2% on a constant currently basis that excludes foreign exchange fluctuations).

Twitter shares are down 1.7%.

The publication added that “Twitter clocked 237.8 million MAUs, or monetizable daily active users, up 17% from last year’s quarter but lower than anticipated all as the company prepares to enter the ring with Elon Musk.”

In a statement, Twitter revealed they aren’t holding an earnings call or sending a letter to shareholders.

“Given the pending acquisition of Twitter by an affiliate of Elon Musk, we will not host an earnings conference call, issue a shareholder letter, or provide financial guidance in conjunction with our second quarter 2022 earnings release,” said Twitter, so there won’t be any color around that. It did include some boilerplate background on dispute.

It’s pretty obvious why they would want to avoid such things right about now.