The American newspaper New York Times has had access to a private email from billionaire Elon Musk, in which he reveals that Twitter has lost more than half of its market value since he acquired it. This would at least be your personal assessment.
According to the report, Musk says Twitter is now worth $20 billion, much less than the $44 billion he shelled out last October to buy the platform.
The email was sent to employees announcing a stock compensation program. In it, Musk said Twitter is still in bad financial shape, even as mass layoffs and benefit cuts have reduced headcount. He said the company was four months away from running out of cash, needing urgent changes.
“Twitter is rapidly innovating,” Musk wrote, adding that the company should be considered “a startup in reverse.”
The description of “a start-up in reverse” became a running joke, and even entertainment site Deadline joined in the fun by quoting a famous quip: “How do you make a small fortune? You start with a big one.”
Elon Musk said Twitter is now worth about $20 billion, according to an email he sent to company employees, a significant drop from the $44 billion he paid to buy the social network in October. https://t.co/UguitAMz8j
—The New York Times (@nytimes) March 26, 2023
Source: Terra
I am Amanda Gans, a motivated and ambitious professional in the news writing industry. With over five years of experience in this field, I have developed an eye for detail and an ability to craft stories that captivate readers. I currently write for Gossipify, where I specialize in beauty & celebrities news. My passion lies with exploring the world of beauty through writing, interviewing experts and developing articles that are both informative and entertaining.
