The price isn't always right—just ask Elon Musk, who paid $44 billion for Twitter only to see its value plummet to less than half of what he paid for it. Twitter ElonMusk
founder warned that Twitter’s finances were precarious, and that it had once been four months away from running out of money. To avoid a dire fate, he said, the company’s previously announced layoffs and cost cutting were necessary.
In the past, Musk has stated publicly that Twitter was at risk of declaring bankruptcy. After he took over the company last year, advertisers jumped ship and the social-media site lost revenue. Because Musk took Twitter private, though, it doesn’t have to reveal information about its finances, so this most recent note gives us a rare peek into the company’s struggles.
As mentioned, the email also outlined the new stock program, in which Twitter employees will receive stock in Musk’s X Corporation, the holding company he used to the buy the site. Similar to how it works at, the program will allow workers to sell stock every six months, giving them “liquid stock, but without the stock price chaos and lawsuit burdens of a public company,” Musk wrote. The awards will be doled out based on the current, $20 billion valuation.
Despite the largely bad news, Musk said in his email that he thinks Twitter could eventually be worth $250 billion. It seems like the company has a long way to go until it reaches that point, though—if the website doesn’t fully implode before then.
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