According to stock that Twitter, now known as "X", gave as grants to employees, the value of "X" is now worth less than half of its purchase price of $44 billion. From the linked article:
"X, the company formerly known as Twitter, handed out stock grants to employees on Monday that showed it was worth about $19 billion, down about 55 percent from the $44 billion that Elon Musk paid to buy the firm a year ago, according to internal documents seen by The New York Times.
Mr. Musk paid $54.20 a share to buy Twitter just over a year ago. The tech billionaire has since said he overpaid for the social network. In March, he wrote in an email to workers that he believed the company was worth $20 billion, calling it 'an inverse start-up.'”
Since acquiring Twitter, Musk has been a toxic force in the world of social media, adopting his version of "free speech" to "X" which has resulted in a proliferation of right-wing hate speech, disinformation, and manipulation by hostile foreign actors. As a result, the platform has lost boatloads of advertisers who don't want their products associated with what's increasingly appearing on "X":
"In his year of owning Twitter, Mr. Musk has overhauled the company and the social media platform. More than 80 percent of its 7,500 employees have either quit or been laid off. He has changed the service’s verification process, as well as content-moderation rules. Advertising, the company’s main source of revenue, was down in the United States by almost 60 percent this summer. Mr. Musk also loaded the company with billions of dollars in debt to help pay for the acquisition." (our emphasis)
Musk is also having difficulties with his bug-ridden car company Tesla, which has suffered a drop in their stock of 18% since the third quarter earnings report, with Musk's awkward looking Cybertruck leading the losses. Bloomberg's Billionaire Index now reports that Musk's wealth has dropped below $200 billion, largely as a result of Tesla's poor performance. Keep up the bad work!
