The Tesla founder paid $44 billion for the platform in October
Elon Musk told employees on March 25 that the company is now valued at $20 billion, according to a Senior Correspondent for The Verge.
That’s less than half of the $44 billion he paid the social networking platform in October 2022.
The Verge’s Zoe Schaeffer tweeted on Saturday, “Musk has emailed Twitter staff about the status of Twitter 2.0. He acknowledged that the company has gone through a period of radical change, but said changes are necessary…because Twitter was previously about 4 months away from Running out of money.”
Schaeffer continued, “Company increases will depend on X Corp stock. Existing grants are based on a $20 billion valuation.” Musk says he sees a “clear but challenging path” to a $250 billion valuation which means existing grants could be as high as 10 times as much. Like SpaceX X Corp (aka Twitter) will run periodic liquidity events so people can sell. Twitter is on a reverse startup path,” Musk says.
With many previously banned users returning with Musk’s permission, an increase in antisemitic and other hate speech, disabled features, and the disastrous blue check rollout that cost Eli Lilly millions, the platform has caused advertisers to bleed. Many left the platform for good, though ad revenue rose unexpectedly in the fourth quarter of 2022.
We’ve been reaching out to Twitter’s press department for comment, however, they no longer have one. On March 19th Musk tweeted Any inquiries sent to pr[email protected] will automatically be replied with a poop emoji.
“Beer aficionado. Gamer. Alcohol fanatic. Evil food trailblazer. Avid bacon maven.”