Elon Musk puts Twitter Value at $20 Billion
Elon Musk has put Twitter Value at $20 Billion. He said Twitter Inc. employees will receive stock awards based on a roughly $20 billion valuation, less than half of the $44 billion price he acquired the company for last year, according to an email viewed by The Wall Street Journal.
Also, the media billionaire in the note to staff said he was optimistic about the social-media company’s future.
“I see a clear, but difficult, path to a >$250B valuation,” meaning stock granted now would be worth 10 times more,” he said.
Furthermore, Elon Musk also said in the email that Twitter is being reshaped so rapidly that the company “can be thought of as an inverse startup.” He said radical changes have been necessary in part to ensure that Twitter didn’t go bankrupt, according to the email, which was reported earlier by Platformer and The Information
The new valuation figure is a sign of the challenges that have faced Twitter since Mr. Musk’s takeover. Many big advertisers stopped spending on the platform, challenging Twitter’s main source of revenue, though the company has been working to woo advertisers back.
Separately, Twitter said in court filings that parts of its source code were leaked online, an incident that could raise security concerns for the company. In documents filed Friday in federal district court in northern California, Twitter said that a person or group operating under the username FreeSpeechEnthusiast “posted various excerpts of Twitter source code” to GitHub Inc.’s platform.
In a separate email late Friday that was viewed by the Journal, Twitter told employees it is offering new equity grants to staff that will start to vest after six month.
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