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Elon Musk acquired Twitter for $44 billion in October 2022. Fewer than 6 months afterwards, it may be truly worth fewer than half that.
That’s according to an e mail that Musk shared with Twitter personnel, which was viewed by the Wall Street Journal. In the take note, Musk reportedly said that staff members will get stock awards dependent on a around $20 billion valuation for the enterprise he took private previous drop.
“I see a crystal clear, but difficult, route to a >$250B valuation,” Musk reportedly extra in the e mail, in which he also described Twitter as “an inverse startup” due to how quickly he’s reshaping the social-media system.
The Wall Avenue Journal also pointed out that Fidelity — one particular of the co-traders that backed Musk’s Twitter takeover — wrote down its stake in Twitter by 56% in November, according to general public filings.
Twitter associates have been not quickly available for comment. In reality, Twitter’s press e mail responded with a poop emoji, which Musk has said will be the company’s automatic reaction to media requests shifting ahead.
Musk’s possession of Twitter has gotten off to a tumultuous get started, like mass layoffs — and an unpleasant public exchange with a wheelchair-bound former Twitter staffer — along with numerous advertisers leaving the platform, struggles with misinformation, as properly as a rocky preliminary rollout of the Twitter Blue subscription service.
The Federal Trade Fee has also sent a dozen letters to Twitter considering that Musk took more than, according to a Journal report earlier this thirty day period, requesting additional facts about the layoffs, Twitter Blue and journalists being granted entry to inside details.
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