The Information: Musk is pricing Twitter at half the price he paid for it
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Twitter owner Elon Musk has offered employees of the social network a reward in the form of shares, based on a company valuation of $ 20 billion, sources from the American business publication said. The Information, which specializes in the technology industry. Mr. Musk bought Twitter in 2022 for $44 billion and has faced an outflow of advertisers due to changes in social network policy.
According to The Information, the estimate, taking into account debts of $13 billion, exceeds projected revenue of $3 billion in 2023 by 11 times. For comparison, Meta (recognized as extremist and banned in the Russian Federation), Snap and Pinterest have 4.5 times the estimated revenue.
Elon Musk bought Twitter in October 2022. He immediately fired the management of the company and shortened, according to various estimates, 70-80% of employees. Now the staff is about 2 thousand people. The billionaire made a number of changes in the work of the social network: he softened the rules of moderation and made the verification checkbox a paid service. Against this background, large advertisers began to leave the company. By data Research Center Standard Media, in December 2022, ad spending on Twitter decreased by 71%.
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