Confessions of Elon Musk. The multi-billionaire estimates that Twitter is currently worth $20 billion, up from $44 billion five months ago when he bought the social network. In response to an AFP request via a press email address, Twitter generated an automated response containing only a pile of excrement emoji.
This information was transmitted by the American media on the basis of an internal document. More specifically, a letter sent to employees regarding the distribution of profits within the San Francisco group and the distribution of shares in X Holdings, the company that has overseen Twitter since its acquisition in late October. The Equity Grant Program values the platform at $20 billion, close to the capitalization of Snap (18.2 billion), the parent company of Snapchat, or the social network and creative site Pinterest (18.7), all of which are listed on the stock exchange.
“We will go to zero in the second quarter”
In an internal document, Elon Musk justifies the sharp decline in the valuation by the financial difficulties the group faced when he said it was on the brink of bankruptcy. “Twitter should have been losing $3 billion a year.” Elon Musk wrote in a message posted on the platform on Saturday. This figure is due, he said, to a $1.5 billion loss in turnover and an equivalent amount of debt repayment. “But now that advertisers are back, it looks like we will break even in the second quarter.“2023,” said the managing director and majority shareholder of Twitter.
Since taking office, Elon Musk has reduced the group’s staff from 7,500 to less than 2,000 employees through successive waves of layoffs. In an internal document, Elon Musk says he sees “difficult but clear path” to the group’s estimate of around $250 billion, with no mention of a deadline.
- From the Twitter Files to the White Rabbit: How Elon Musk Serves the Conspirators
The man, who is also at the helm of Tesla and aerospace group SpaceX, announced that Twitter will open a window every six months, allowing employees of the social network to sell their titles that are no longer on the list.
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