Elon Musk estimates that Twitter has lost a little more than half of its value in a few months. According to him, the social network he bought for around $44 billion is now worth $20 billion.
After several months of negotiations, Elon Musk bought Twitter for about $44 billion Last year. Since then, the blue bird social network has been in a tumultuous situation. Layoffs have multiplied in recent months and the company has lost its communications team to respond to press inquiries. Therefore, Elon Musk believes that Twitter is only worth $20 billion NOW.
According to an internal document sent to Twitter employees at the end of last week, the blue bird social network has already lost more than half of its value. He was therefore in a precarious financial situation over the past few months.
Elon Musk acknowledges Twitter is going through tough times, but forecasts $250 billion valuation
Platformer’s Zoë Schiffer managed to get her hands on this internal document. Elon Musk admitted in this document that Twitter has gone through a period of radical change. These changes were necessary, however, he said. Elon Musk also added that Twitter was four months from running out of cash at some point.
The American billionaire explained to his employees that “ Twitter is being rapidly reshaped “. He will set up a stock-based compensation program. Employees will receive shares and be allowed to sell them every six months. A similar program is already in place at SpaceX.
Finally, Twitter which will soon be blocked by the new age verification system is on a “ clear but difficult path ” towards a valuation of $250 billion. In any case, that’s what Elon Musk thinks. If Twitter reaches a valuation of $250 billion, that means the shares will be worth about 10 times that in the future. In any case, it is not Twitter Blue that will bring big money to the platform, since the subscription is a bitter failure with only 180,000 people subscribed in the United States.
Source : Engadget
