Snap jumps as 1st-quarter revenue beats expectations and guidance surges

Evan Spiegel, Snap
Snap’s CEO Evan Spiegel.

  • Snap shares rose more than 6% early Friday following the company’s first-quarter financial report.
  • The social media platform posted breakeven adjusted earnings compared with the loss estimate of $0.06 per share from Refinitiv.
  • Snap forecasts a rise of at least 81% in second-quarter revenue to $820 million.
  • See more stories on Insider’s business page.

Snap shares were propelled higher Friday after the social media site turned in first-quarter financial results that surpassed Wall Street’s targets and set its sight on a jump in revenue.

The company late Thursday posted breakeven earnings per share on an adjusted basis compared with a loss of $0.06 per share in a consensus estimate from Refinitiv. A year ago, Snap lost $0.08 per share.

Revenue leapt by 66% to $769.6 million from $462.5 million a year earlier, beating analyst expectations of $743.8 million. The company said its active advertiser base about doubled from the year-ago period and that it delivered positive free cash flow for the first time as a public company.

Shares rose 6.6% to $60.80 early Friday. The stock has picked up about 14% this year and has more than tripled from $16 over the past 12 months.

Snap forecast second-quarter revenue of $820 million to $840 million, which would represent growth of 81% to 85% from $454 million in the year-ago period. Analysts, on average, currently anticipate $827 million.

In the first quarter, global daily active users rose by 51% to 280 million, higher than the Refinitiv estimate of 274.6 million users. Snap also said for the first time that the majority of its daily active users for the quarter were on the Android version of its app.

“We have a large opportunity to gain share of the global digital ad market, which is $340 billion and growing,” said Jeremi Gorman, Snap’s chief business officer, during the company’s earnings call. She said the company is focused on three priorities: investing in its ad platform, scaling its sales and marketing functions to support advertising partners worldwide, and building ad experiences through video and augmented reality.

Social platforms, especially over the past year, have been increasing focus on e-commerce, said Scott Kessler, global sector lead for technology, media and telecommunications at Third Bridge, in a note.

“The recent acquisition of Fit Analytics could help Snap in the fashion area, and ultimately challenge Pinterest, where the latter has had success with its “try on” feature in the beauty category,” he said.

Read the original article on Business Insider

Volv bills itself as ‘TikTok for news.’ The Snap-backed app makes news stories you can read in 9 seconds.

The app combines breaking news with pop culture stories.

  • Volv creates short-read news stories that users can swipe through.
  • The app combines financial and political news with popular culture, and is aimed at millennials.
  • The founders got advice from Mark Cuban and pre-seed funding through Snap’s accelerator Yellow.
  • See more stories on Insider’s business page.

Shannon Almeida and Priyanka Vazirani didn’t have any tech experience before they decided to create their own news app.

After working at a social startup on a campaign helping migrants at the border, they noticed how biased the mainstream media was. So the two decided to create an alternative.

Volv, which was founded in March 2020, is an antidote to traditional news apps, Almeida told Insider.

Read more: Facebook says it removed more than 1.3 billion fake accounts in the months surrounding the 2020 election

The app aims to create unbiased news in real-time and bills itself as “TikTok for news.”

It creates news stories, averaging at around 70 words, which users can read in less than nine seconds. The stories are listed in-app in a swipe format that’s easy on the eye. This is crucial to make the app attractive to its millennial target market, Vazirani said.

A post shared by Volv ☁️ (@volvmedia)

People in their teens and 20s often check their phones before they even get out of bed, logging into various apps to view the latest newsfeed updates. On Volv, users can scroll through and see all the major news stories at a glance.

The app combines breaking news with pop culture stories, such as explaining memes that are going viral. A prime example would be Bernie Sanders’ mittens at Joe Biden’s presidential inauguration.

In this way, the app can show people the top political and financial stories and covert non-news readers, while also offsetting heavy stories with lighter reads.

This approach is paying off. Volv publishes around 50 stories a day and its articles have been read nearly 8 million times so far. Its founders said it has a high retention rate, too.

A post shared by Volv ☁️ (@volvmedia)

Volv launched a week before the US went into lockdown but perhaps this was fortunate timing. People staying at home spend more time online. In addition, major news events have drawn readers in. This includes the Black Lives Matter movement, tumultuous 2020 presidential election, Capitol siege, and of course, the ongoing pandemic.

“It sort of pushed us in at the deep end,” Almeida told Insider.

Being unbiased is a key part of the app’s identity. Its founders also recently launched a feature called timeline news. This allows readers to get a broader view of the topic and understand how a story has developed, without moving away from the short-format feature.

Consumer angle

It has a team of fewer than 10 people – but it’s actively recruiting more so it can diversify its content.

Volv co-founders Shannon Almeida and Priyanka Vaziran.
Volv co-founders Shannon Almeida and Priyanka Vazirani.

Prior to launching the app, Almeida and Vazirani, emailed billionaire entrepreneur Mark Cuban on a whim for some advice. To their surprise, Cuban responded. He gave them tips on how to make the content more youthful and in sync with millennials. He also advised them on how to market the app and differentiate it from existing news sites.

Almeida and Vazirani had no tech experience before creating Volv. Instead, they created the app from a consumer angle, the pair told Insider. They also applied this to the interface of the app, which has neutral colors and no bold headlines to create a calm, seamless experience, Vazirani said.

So far, Volv has used purely organic marketing. It’s been featured by YouTubers and tech bloggers, and has a page on Product Hunt, which helps spread the word and give it a global audience, Almeida said. Although it’s shunned paid marketing so far, it’s looking to try it out in the future, she added.

A post shared by Volv ☁️ (@volvmedia)

Volv received pre-seed funding through Snap’s accelerator Yellow, which Vazirani said gave it “instant validation.” As well as the funding, Yellow has also given Volv access to a range of resources, including sessions hosted by guest speakers. Snapchat and Volv share the same target market and are both based around speed and short pieces, so the pairing made sense, Vazirani said.

The founders told Insider Volv is going to be raising its seed round soon but did not provide further details.

Read the original article on Business Insider

3 of Snap’s top leaders have made multimillion-dollar home purchases in the last year amid a major comeback for the company

Evan Spiegel
Snap CEO Evan Spiegel.

  • Three Snap execs have made multimillion-dollar home purchases in the last year.
  • The purchases come amid a breakout year for Snap, which has seen been luring users and advertisers.
  • Snap reported $911 million in revenue last quarter, an increase of 62% year-over-year.
  • See more stories on Insider’s business page.

A high-ranking Snap employee has purchased an $18 million Beverly Hills home, making him the third Snap exec to make a major house purchase in the last year.

Jared Grusd, who was hired as Snap’s chief strategy officer in 2018 and now serves as a strategic adviser at the company, purchased the Southern California mansion in November 2020, according to Dirt’s James McClain.

The roughly 10,000-square-foot home lies within a gated community in the mountains between Beverly Hills and Studio City and was previously owned by Jennifer Messer, the daughter of Skechers founder Robert Greenberg, Dirt reports.

Read more: Snap was almost left for dead. We talked to 22 insiders about how it staged a comeback and got advertisers to fall in love with it.

Reports of Grusd’s purchase follows another multimillion-dollar home purchase by a Snap executive: Dirt’s Mae Hamilton reported last month that Jeremi Gorman, Snap’s chief business officer, paid $15.8 million for a mansion in Hermosa Beach, California, just south of Snap’s headquarters in Venice, California. The hilltop home boasts ocean views and backs up to a property owned by TV host Jimmy Kimmel, Yahoo reports.

And in January, The New York Post’s Mary K. Jacob revealed that Snap cofounder and CEO Evan Spiegel dropped $30 million on a mansion in Paris. The 10,000-square-foot house, located near the Seine river in Paris, includes six bedrooms, five bathrooms, a swimming pool, courtyard, garden, library, music room, wine cellar, private dressing rooms, and space for nurses, maids, or chefs, according to the Post.

Spiegel and Kerr reportedly paid $30,358,000 when they purchased the property last May.

Those three major home purchases follow a breakout year for Snap in which shares of the company’s stock have risen roughly 34%. Snap’s stock recently hit a 52-week high of $68.70 following its investor day – Peter Sellis, Snap’s senior director of ad products, said that the company is “in a position to drive multiple years of 50% plus revenue growth,” according to CNBC.

As Insider’s Tanya Dua, Lara O’Reilly, and Dan Whateley reported earlier this month, Snap has been steadily winning back users and advertisers, due in part to the Facebook ad boycott last summer. Gorman told Insider that it was a “tipping point” for Snapchat, the disappearing photo and video app Snap owns – the company was able to convince both new and existing advertisers to spend on Snapchat instead of other social media platforms.

Snap also had its biggest quarter as a publicly traded company last month: The company reported $911 million in revenue for the final three months of the year, an increase of 62% since the same quarter a year prior.

Read the original article on Business Insider

4 measures in the Biden stimulus law that provide extra cash for Americans

Joe Biden
President Joe Biden.

  • The $1.9 trillion Biden stimulus law was enacted last week.
  • Some elements could strengthen the nation’s social safety net in the wake of the pandemic.
  • Provisions include larger tax credits and enhanced unemployment insurance.
  • See more stories on Insider’s business page.

President Joe Biden signed a $1.9 trillion stimulus law last week, among the largest government rescue measures in American history.

Many of its provisions are directed at keeping individuals and families afloat as vaccinations become more widely available. Still, some aspects of the law may end up dramatically remaking the social safety net.

“This package sets a new and powerful precedent, especially for helping children and their families when they have limited or no income,” Indivar Dutta-Gupta, co-executive director of the Georgetown Center on Poverty and Inequality, said in a recent interview with Insider.

(1) $1,400 stimulus checks

The relief law includes a $1,400 direct payment for most taxpayers. Those will be distributed over the next few weeks, and some are already going out the door.

Individuals earning up to $75,000 and couples making up to $150,000 qualify for full checks. A married couple, then, can get $2,800. People can also collect an extra $1,400 per adult dependent, a change from the first two federal payouts.

People earning above those thresholds still qualify for a smaller direct payment. But eligibility is capped at individuals earning more than $80,000 and joint filers bringing in more than $160,000, meaning people and households making above those amounts are paid nothing.

(2) $300 federal unemployment benefits through Labor Day

The law provides $300 in weekly federal unemployment benefits until September 6. The measure renewed the government supplement to state unemployment checks for an extra six months.

It extends the length of various programs, such as the Pandemic Unemployment Assistance program for gig workers and the Pandemic Emergency Unemployment Compensation for long-term unemployed people. Both will expire in September without additional action in Congress.

(3) Expanded tax credits

The law also beefs up the child tax credit for millions of families. For the next year, it provides $3,600 per child aged 5 and under, and $3,000 for each kid aged 6 to 17.

Payments were designated as “periodic” to clear Senate procedural hurdles, but Democrats want to implement advance monthly checks to families of up to $300, although it’s unclear if the IRS can accommodate that request. Advance checks could start going out on July 1, the legislation indicates.

Other tax credits are augmented as well, such as the Earned Income Tax Credit. The law nearly triples the maximum amount a childless worker can receive, from $540 to $1500. The income cap for adults is also lifted from $16,000 to $21,000, a step widening its reach.

(4) Bigger SNAP benefits

The measure also aims to address hunger and food insecurity through the Supplemental Nutritional Assistance Program. It renews a 15% boost to SNAP benefits through September.

Put another way, the increase is equal to $27 more in SNAP benefits per person each month, or just over $100 monthly for a family of four, according to the Center on Budget and Policy Priorities.

Read the original article on Business Insider

Layoffs hit HuffPost

Hi and welcome to this weekly edition of Insider Advertising, where we track the big stories in media and advertising.

Remember you can sign up to get this newsletter daily here.

This week:

Jonah Peretti
Jonah Peretti

HuffPost layoffs

Layoffs are hitting HuffPost, just weeks after the publisher was acquired by digital rival BuzzFeed, Steven Perlberg reports.

The layoffs involve nearly 50 in the US and fulfill fears of staffers when the two companies combined to get profitable and surmount business challenges wrought by the pandemic.

BuzzFeed is trying to get HuffPost to break even after it lost more than $20 million last year, CEO Jonah Peretti said.

Read more: BuzzFeed is making layoffs at HuffPost weeks after it acquired the company

Jeremi Gorman CBO Snap

How Snap came back

Just a few years ago, people were ready to write Snap’s obituary. User growth had plateaued and it started to look like just another social platform as rivals copied its features.

But Snap looks pretty different now from platforms like Facebook and TikTok that are enmeshed in privacy controversies. And as Tanya Dua, Lara O’Reilly, and Dan Whateley report, it’s providing the service demanded by advertisers that was missing from its early days.

“Snap is on the consideration set again,” said Amanda Grant, global head of social at WPP’s GroupM.

Of course, there are threats around every corner, like Apple’s clampdown on ad targeting on its devices, TikTok, and maybe a new platform that hasn’t even launched yet.

But for now, Snap is enjoying the spotlight.

Read their full story: Snap is on a growth tear. Here’s how the once flailing company got advertisers to fall in love with it and reversed a sales slump.

clubhouse app
A user of the social media app Clubhouse shows her smartphone with the logo of the audio application.

Media startups to watch

Just a couple years ago, investors were obsessed with media startups centered on sports, subscription payments, and in-person events.

The global pandemic has transformed how people live in many ways – as evidenced by new high-flying media startups like audio app Clubhouse and Fable, a social-reading app.

The pandemic’s impact is also informing the kinds of media startups in vogue now.

VCs told Ashley Rodriguez and Dan Whateley they’re betting on startups that mix media with commerce, focus on social issues or mental wellness, facilitate sports betting, and bring in-person experiences online.

Read more: 19 media startups that VCs say are poised to take off in 2021, as trends like newsletters and sports betting surge

Other stories we’re reading:

Thanks for reading, and see you next week!

– Lucia

Read the original article on Business Insider

Snap stock jumps as much as 8% as the social media site sees delivering years of hefty revenue growth

Evan Spiegel, Snap
Snap’s CEO Evan Spiegel

  • Snap stock jumped as much as 8% on Wednesday, hitting a 52-week high on the same day the social media site held its investors’ day. 
  • The company said work on its self-serve Ad Manager platform should drive years of revenue growth of more than 50%. 
  • Snap said Ad Manager supports diversification advertisements. 
  • Visit the Business section of Insider for more stories.

Snap stock bulked up as much 8% Tuesday as the social media company said it has set itself up to deliver years of revenue expansion. 

The shares hit an intraday high of $68.70 that also marked a 52-week high for the photos and messaging services app. Volume was heavy, with more than 57 million shares traded intraday compared with a daily average of 20.4 million. The gain was pared to 6.6% in afternoon trading. 

“Via the work on our self-serve ad platform, we’re in a position to drive multiple years of 50% plus revenue growth,” said Peter Sellis, Snap’s senior director of ad products, during the company’s investors day, according to CNBC

Snap has been expanding its Ads Manager tools since 2017, with the platform allowing users to create ads and campaigns and gauge goals. 

The work has resulted in a self-serve advertisement ecosystem that has driven cost per impression for Snap while driving return on investment for advertisers, Sellis said, according to the report.

“The more advertisers we have, the more diverse the set of ads that we can show,” said Sellis. 

Snap shares have risen about 34% over the past 12 months. 

Read the original article on Business Insider

CEOs steer clear of Fox News’ Maria Bartiromo

Hello and welcome to Insider Advertising. I’m senior advertising reporter Lauren Johnson, and here’s what’s going on:

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Maria Bartiromo
NEW YORK, NEW YORK – JANUARY 10: Host Maria Bartiromo Merrill & Bank Of America Private Bank CIO Chris Hyzy visits “Maria Bartiromo’s Wall Street” at Fox Business Network Studios on January 10, 2020 in New York City.

CEOs are steering clear of Fox News’ Maria Bartiromo and denying her interviews, sources say

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joe anthony 2

An ad agency sued Omnicom’s DDB, alleging it was ‘exploited’ so the other firm could win a $4 billion US Army contract

Click here to read the story.

snapchat logo

Snapchat is minting overnight millionaires with its TikTok competitor but creators worry the gold rush will end soon

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Biden just signed an executive order to expand food stamps and send stimulus checks to people who haven’t already received one

joe biden executive orders
President Joe Biden prepares to sign a series of executive orders at the Resolute Desk in the Oval Office.

  • President Joe Biden’s third wave of executive actions will provide aid to Americans struggling financially during the pandemic.
  • Addressing the hunger crisis, increasing SNAP benefits, and ensuring quick delivery of stimulus payments are core components of Biden’s COVID-19 economic relief plan.
  • Biden also plans on providing relief to federal workers by encouraging government agencies to raise the minimum hourly wage to $15.
  • Visit Business Insider’s homepage for more stories.

President Joe Biden signed an executive action on Friday to address the financial struggles facing millions of Americans as the pandemic continues.

“We need more action and we need to move fast,” Biden said during a signing ceremony on Friday.

While Biden’s $1.9 trillion stimulus package is centered around providing aid, executives orders will allow for immediate action without having to wait for congressional approval, Insider previously reported. The move underscores the Biden administration’s intent to move rapidly to address the economic crisis caused by the pandemic.

The Biden administration is also kickstarting relief talks with Congress this weekend, attempting to garner bipartisan support for a large rescue package that’s already running into strong Republican opposition.

Here’s a detailed breakdown of what the executive action includes and how it will provide economic relief for businesses, families, and individuals:

Address the growing hunger crisis facing children and adults in America

According to the Center on Budget and Policy Priorities, one in seven households in the country are struggling to obtain the food they need. Biden is calling on Congress to extend the 15% Supplemental Nutrition Assistance Program benefit increase and invest $3 billion to help women, infants, and children get the food they require.

Increase access to nutritious foods for children missing meals during school closures

The Pandemic Electronic Benefits Transfer connects low-income families with children with the equivalent amount of money spent on school meals. Biden is asking the Dept. of Agriculture to increase the benefits by about 15% to accurately reflect the cost of missed meals during the pandemic.

Allow larger emergency SNAP allotments for lowest-income households

Congress has previously authorized emergency SNAP benefits, but those benefits have not been made available to the lowest-income households in the country. The USDA will consider extending those benefits to the households that need them the most, increasing benefit access to an additional 12 million people.

Update the true cost of a healthy diet

The USDA’s Thrifty Food Plan, which determines SNAP benefits, is not up to date with the economic realities households face when attempting to buy healthy food, so the benefits fall short of what a healthy diet truly costs. Biden will request that the USDA review the Thrifty Food Plan to better reflect the modern cost of a healthy diet.

Ensure efficient delivery of direct stimulus payments

With many Americans experiencing challenges receiving the first round of direct payments — eight million eligible households never received the checks — Biden plans to provide equitable delivery of his proposed $1,400 stimulus checks by asking the Treasury Department to improve delivery of the Economic Impact Payments. This can be done through a series of measures, including establishing online tools for claiming payments, working to make sure everyone can access the payments, and analyzing unserved households for additional outreach efforts.

Guarantee safety and economic coverage for working families

43% of American households report having at least one member of a family with a pre-existing condition, according to a Gallup poll, which makes going into work a significant health risk. As a result, Biden will ask the Dept. of Labor to clarify that workers have a federally guaranteed right to refuse employment that could jeopardize their health, and if they choose to do so, they will still qualify for unemployment insurance.

Help families, workers, and small businesses access relief quickly through coordinated benefit delivery teams

While many government programs have provided support for families struggling financially, many individuals and small businesses have encountered difficulty in navigating relief services, leaving many benefits unclaimed. As a result, Biden plans on establishing benefit delivery teams and a coordination structure across federal and state programs to provide greater ease in accessing urgent relief.

Protecting and Empowering Federal Workers and Contractors Executive Order

Biden will direct his administration on Friday to begin the work that will allow him to issue an executive order in his first 100 days to require federal contractors to pay workers a $15 minimum wage, along with providing emergency paid leave to workers. 

To further protect federal employees, Biden will sign an executive order that:

  • Restores collective bargaining powers and worker protections
  • Eliminates Schedule F, which threatens critical protections of career employees and allows for civil service positions for political appointees
  • Promotes a $15 minimum wage for all federal workers 
Read the original article on Business Insider

All the actions big tech companies have taken against Trump’s social media accounts following the US Capitol siege

US Capitol siege
The rioters during the Capitol siege.

  • The US Capitol siege by pro-President Donald Trump rioters on Wednesday has set off a wave of actions from big tech companies.
  • Platforms like YouTube, Facebook, and Twitter have removed a video of Trump telling rioters “we love you, you’re very special” but “go home in peace.”  
  • Twitter and Facebook have both locked Trump’s respective social media accounts. 
  • Here’s a list of all the actions big tech companies have taken against Trump in response to the Capitol seige.
  • Visit Business Insider’s homepage for more stories.

The US Capitol siege by President Donald Trump supporters on Wednesday has set off a range of responses and actions from big tech companies, including deleting the infamous Trump response video and temporarily freezing Trump’s social media accounts.

Prior to the historic Capitol siege that left four people dead, according to CBS News, and the Capitol building ransacked, the biggest action tech companies like Facebook and Twitter took to moderate Trump was to add fact-checking lines on some of his baseless claims regarding topics like mail-in ballot fraud.

Read more: The siege of the US Capitol was a disaster for congressional cybersecurity – and experts say Congress will likely have to wipe all its computers and rebuild from scratch

However, following the riots, more big tech platforms have taken serious and actionable steps towards temporarily quieting Trump, although people calling to ban the president from social media platforms say these short-term freezes may not be enough.

See all of the actions various companies have taken in response to the Capitol siege:



YouTube has removed a video of Trump disputing the 2020 presidential election results while telling rioters “we love you, you’re very special” but “go home in peace.” 

Farshad Shadloo, YouTube spokesperson, told Insider in an email on Wednesday that the video violated YouTube’s policies surrounding “content that alleges widespread fraud or errors changed the outcome of the 2020 US.”

“We do allow copies of this video if uploaded with additional context and sufficient educational, documentary, scientific, or artistic (EDSA) value,” Shadloo continued.

Read more: A pro-Trump super PAC made illegal contributions to the president’s reelection campaign, a watchdog group says

Following this removal, on Thursday, YouTube announced it would give channels a “strike” if its videos violated the social media platform’s policies. Following the first strike, a channel will be banned from posting for a week. A second strike within 90 days will result in a two-week ban. The third and final strike, if done within 90 days, will result in a permanent ban. 

The strike policy announcement came out of the “disturbing events that transpired yesterday,” a YouTube spokesperson told Insider.


Facebook headquarters

The same Trump video that YouTube removed was also removed by Facebook on Wednesday. According to a tweet by Guy Rosen, Facebook’s vice president of integrity, the video removal decision was made “because on balance we believe it contributes to rather than diminishes the risk of ongoing violence.”

On Thursday, Facebook went one step further and decided to freeze Trump’s Facebook and Instagram accounts “indefinitely and for at least the next two weeks until the peaceful transition of power is complete,” Mark Zuckerberg, Facebook’s CEO, wrote in a post.

“His decision to use his platform to condone rather than condemn the actions of his supporters at the Capitol building has rightly disturbed people in the US and around the world,” Zuckerberg wrote. “We believe the risks of allowing the President to continue to use our service during this period are simply too great.”



Snapchat has also “locked” Trump’s account following the Capitol siege, a Snap spokesperson told Insider on Thursday

This isn’t the first action Snap has taken against Trump. In June, the social media platform stopped promoting Trump’s account in its Discover section after he called for violence against protestors amid demonstrations following George Floyd’s death.

“We will not amplify voices who incite racial violence and injustice by giving them free promotion on Discover,” a Snap spokesperson told Insider in June. “Racial violence and injustice have no place in our society and we stand together with all who seek peace, love, equality, and justice in America.”


Shopify app phone

On Thursday, Shopify removed stores with ties to Trump, including and

Read more: Biden has been certified as president. 5 experts predict how his administration could crackdown on the advertising and tech industries.

Shopify does not tolerate actions that incite violence,” a Shopify spokesperson said in a statement to Insider on Thursday. “Based on recent events, we have determined that the actions by President Donald J. Trump violate our Acceptable Use Policy, which prohibits promotion or support of organizations, platforms or people that threaten or condone violence to further a cause. As a result, we have terminated stores affiliated with President Trump.”


twitch logo

Twitch has also frozen Trump’s account, and will make further decisions about his account after Biden is inaugurated, The Verge reported.

Previously, Twitch placed a temporary two-week ban on Trump’s account due to “hateful conduct” policy violations, a Twitch spokesperson told Insider in June.


trump twitter

On Wednesday, Twitter removed the same one-minute video that YouTube and Facebook dismissed. Shortly after, the social media platform locked Trump’s Twitter account and removed three tweets – including one with the aforementioned video – and replaced the posts with “this Tweet is no longer available” messages. As a result, Trump could either delete the tweets to gain access to his account after 12 hours or remain frozen out of his Twitter account.

On Thursday, Trump deleted the three tweets in question, and the tweets now read: “This Tweet is no longer available because it violated the Twitter Rules.” Twitter did not confirm with Insider the time the tweets were deleted, but if the original statement still holds, the 12-hour countdown until Trump has access to his Twitter account has already begun.

However, the social media platform isn’t ruling out more serious actions in the future.

“Future violations of the Twitter Rules, including our Civic Integrity or Violent Threats policies, will result in permanent suspension of the @realDonaldTrump account,” Twitter said in a statement. 

Read the original article on Business Insider