Report via The New York Times claims that Musk not too long ago despatched an electronic mail to the corporate’s staff pronouncing that Twitter is now price about $20 billion. This is considerably lower than the $44 billion that he paid to shop for the social media corporate ultimate yr.
The electronic mail used to be despatched to staff to announce a brand new inventory repayment program, the reviews mentioned. Musk additionally mentioned that “radical changes”, together with mass layoffs and price slicing, on the corporate have been important to keep away from chapter and streamline operations. “Twitter is being reshaped rapidly,” Musk mentioned.
Musk had spoken so much about how the platform misplaced advertisers that led the corporate to grave monetary difficulties or even at the verge of chapter. “Twitter was trending to lose nearly $3B/year,” Musk used to be quoted as pronouncing.
inventory repayment program
Musk’s electronic mail used to be reportedly concerning the new inventory repayment program, in step with which Twitter staff will obtain inventory in X Corporation, This is the maintaining corporate Musk used to shop for Twitter. The billionaire additionally mentioned that he believes Twitter may just one day be price $250 billion.
The New York Times record additionally mentioned that Twitter will plan to permit staff to promote the inventory each and every six months, a convention that also is adopted at SpaceX, the Musk-owned house apparatus production corporate. The sale of personal inventory would permit staff to have “liquid stock, but without the stock price chaos and lawsuit burdens of a public company,” Musk used to be cited as pronouncing.
Last yr in December, Musk mentioned that Twitter is on target to be “roughly cash flow break-even” in 2023.