Elon Musk puts Twitter's value at just US$20 billion

COLOMBO (News1st); 

Business magnate Elon Musk initiated an acquisition of American social media company Twitter, Inc. on April 14, 2022, and concluded it on October 27, 2022. The amount he paid was USD 44 billion. 

However, foreign media report that an internal email of the company which dealt with a new stock compensation program and the attribution to employees of stock in X Holdings, Twitter's umbrella company since Musk purchased the company in 2022, mentions the value of Twitter as US$20 billion, which is less than half of the amount Musk paid initially. 

In the internal email, Musk describes the brutal contraction in Twitter's value.

He points out that the platform faced such serious financial difficulties, that at one point it was on the verge of bankruptcy.

A tweet Musk published on Saturday (25) says, "Twitter was trending to lose ~$3B/year."