Twitter is worth way less than Elon Musk initially paid for it.
In an email to his employees, Musk revealed that Twitter workers would receive stock based on the company’s $20 billion net worth, seemingly revealing the company took a major hit compared to the $44 billion he paid for it.
Despite the loss, Musk seems bullish on the social media platform’s prospects.
“I see a clear, but difficult, path to a >$250B valuation,” he wrote in the email.
He stated that he considers that platform “an inverse startup” and gave insight into his plan for the company to reach that goal.
According to The Guardian, several major advertisers left the platform that was providing significant funds for the company. Also, one of Musk’s co-investors, Fidelity, backed out of the deal with a 56% stake in November.
Musk’s takeover has not been great so far, thanks to massive company layoffs, controversial back-at-work mandates, revenue losses, misinformation concerns, and a rough rollout of the Twitter Blue subscription.
Meanwhile, the Federal Trade Commission is requesting information about Musk’s layoffs, the Twitter Blue subscription debacle, and concernz regarding journalists being granted access to internal data.
Also in the memo, the SpaceX cfounder clarified that he wants his employees back in the office. “Office is not optional,” he wrote after discovering an empty office at the San Francisco headquarters, per Fox Business.
The news follows Musk’s controversial “back-to-work” mandate in November, in which he told employees they must be in the office five days a week or resign.
