Leaked Musk Email Puts Twitter Valuation At $20 Billion – SlashGear
Elon Musk bought Twitter amidst an overhyped social media frenzy last year for $44 billion, but the company’s value has now dropped to less than half of what Musk paid for it. According to a report from The Information, Musk recently doled out stock grants to employees which valued Twitter at roughly $20 billion. Citing internal communication, The Wall Street Journal also reports that the employee stock awards are based on putting the company’s net worth at approximately $20 billion.
When Musk originally signed the contract under the looming specter of a messy legal battle, multiple market watchers and analysts remarked that the Tesla CEO has vastly overpaid for it. Twitter hasn’t really had a profitable run in years, and turning its fortunes over was never going to be an easy task. On top of it, high-level exits and massive layoffs, complemented by aggressive internal restructuring and a botched Twitter Blue launch, haven’t really set the cash registers ringing. The $20 billion valuation sounds alarmingly low, yet not entirely unexpected, since Musk himself has previously flagged bankruptcy fears for the platform.
The road to redemption is rough
Michael Gonzalez/Getty Images
The Twitter CEO, who currently runs the company as some sort of inverse startup with a controversial hardcore performance approach, has some ambitious plans. Musk has reportedly told Twitter employees that he can “see a clear, but difficult, path to a >$250B valuation,” which would mean the employee stock awards would essentially get more than a 10-fold jump if that goal is realized. But achieving those lofty financial goals won’t exactly be easy. Twitter’s advertiser exodus is well-known, and all those dreams of turning it into the go-to spot for creators is a far-fetched dream, too.
But the situation doesn’t appear to have improved ever since Musk got desperately irked about the whole situation and went beefing with Apple. According to a Vox report, more than half of Twitter’s top 1,000 advertisers before the purchase ceased putting ads on the platform as of February 2023, and they’re not particularly inclined about making a return. Plus, Musk also had high hopes for the Twitter Blue subscription service, but that hasn’t turned out like a fairytale, either. Data compiled by Sensor Tower and shared with TechCrunch reveals that in the three months since its launch, Twitter Blue has only collected $11 million from mobile sign-ups.
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