Twitter CEO Elon Musk has put the social media company’s value at $20 billion, less than half the $44 billion he paid for the social media platform when he acquired it.
According to a leaked email seen by The Kenya Times, Musk reportedly said that employees will receive stock awards based on a $20 billion valuation for the company he took private last fall.
“I see a clear, but difficult, path to a >$250B valuation,” Musk reportedly added in the email, in which he also described Twitter as “an inverse startup” due to how rapidly he’s reshaping the social-media platform.
He cited a revenue drop of $1.5 billion a year and a debt-servicing burden of the same amount — leaving it with “only 4 months of money.”
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Musk took over ownership of the social media platform less than six months ago, which since then the group’s payroll has been cut from 7,500 employees to fewer than 2,000.
Musk, who is also Tesla CEO hasn’t responded to the media regarding different things that have been happening at Twitter since his takeover, not even to the Federal Trade Commission who has also sent a dozen letters requesting more information about the layoffs, Twitter Blue and journalists being granted access to internal information.
Twitter has been dealing major setbacks such as mass layoffs, advertisers leaving the platform, rocky initial roll out of ‘Twitter blue’ and struggles with misinformation.