Restricted stock units awarded to employees value the company at $19 billion, or $45 a share, according to a person familiar with the matter. A year ago, Musk bought Twitter for $44 billion.
X, the platform formerly known as Twitter, is worth less than half of what Elon Musk paid for it a year ago.
Restricted stock units awarded to employees value the company at $19 billion, or $45 a share, according to a person familiar with the matter.Since the takeover, most of Twitter’s staff was laid off or resigned. Musk renamed the company X, changed some of its content rules and lost more than half of its advertising revenue.
Fortune earlier reported on the valuation, citing an internal memo. The company has struggled financially under Musk’s ownership.Musk’s purchase saddled the company with $13 billion in debt and over time his erratic decision making and looser content-safety rules have driven away advertisers, contributing to a 60% drop in sales.
In the past, Musk has hinted that he’d like to take X public, but the company’s steep drop in value could make that difficult.which aims to encourage constructive discussions. To get your comments published, make sure it is civil and adds value to the discussion.
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