Elon Musk Puts $20 Billion on Twitter Value: Worth Less than He Paid
- The Verge
VIVA – The Owner of Twitter, Elon Musk admitted that this platform is now worth less than half what he paid in an email about stock grants to employees. It is known, Musk has put the current Twitter value at US$20 billion, less than half the US$44 billion he paid for it just five months ago, according to an internal email seen by American news media.
The email to employees dealt with a new stock compensation program in the San Francisco-based company and the attribution to employees of stock in X Holdings, Twitter's umbrella company since Musk purchased it in late October.
Less than a month ago, Elon Musk offered to buy Twitter entirely. In the surprise announcement, the billionaire was willing to pay $54.20 per share, bringing the total value of Twitter shares to $41 billion.
Kantor Twitter.
- The Hill
A report said that Elon Musk's offer was accepted by the Twitter Board in late April. One month after announcing the acquisition of Twitter, he caused excitement by delaying the purchase until Twitter management provided details of the number of spam and bot accounts on Twitter.
If he decides to cancel, then Musk will have to pay a 'break-up fee' of $1 billion or IDR 14 trillion. The company then sued Elon Musk which was also met with resistance from the world's richest man.
After several months of wrangling with Twitter, in October Elon Musk gave in, buying Twitter at the original price he had offered. But the problems didn't stop there. The first step he took was to fire executives, including Twitter's CEO at the time, Parag Agrawal.
Musk then carried out mass layoffs. Globally, Twitter, which is based in San Francisco, California, reduced the number of employees by about half; 3,700 workers.
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