2023-03-28 13:34:10
In an email to the company, Elon Musk revealed that Twitter is worth $20 billion today, half that when he bought it.
Elon Musk has revealed he believes Twitter is currently worth $20 billion, less than half of the $44 billion he bought it for just five months ago.
In a company-wide email obtained on Friday by the New York Times on employee stock awards, Musk admitted that the company’s value since going private, he says, is about $20 billion; following this takeover, many advertisers (the main source of income for the social network) fled the service and, as reported Vox at the beginning of the week, they did not return.
In another passage from the email, Elon Musk says that at one point Twitter was four months away from running out of money, leading to the need for massive layoffs and other budget cuts. However, the optimistic leader also told the remaining employees that “ I see a clear but difficult path to a valuation of over $250 billion “, and that he now regards Twitter as a ” reverse startup ».
According to New York Times, Twitter’s $20 billion valuation puts it in a similar position to Snapchat, though that app struggles to retain users following the emergence of TikTok. However, Snapchat averages 100 million more daily users than Twitter.
contacted by New York Times and the Wall Street Journal on this subject, communications from Twitter responded with their automatic response: “????”
Daniel Kreps
Translated by the editor
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