Dhe tech entrepreneur Elon Musk has put the current value of Twitter at $20 billion (18.56 billion euros) – less than half of the 44 billion dollars (40.8 billion euros) he contributed six months ago paid for taking over the short message service. In an internal e-mail quoted by the US media, the entrepreneur describes the company’s loss of value and explains that the communication platform had such great financial difficulties that it was temporarily on the verge of bankruptcy.
The email was about a new share-based compensation program for employees. Musk expressed the expectation that the company could return to profitability in the second quarter as advertisers returned. He sees a “clear but difficult path” ahead of Twitter that could increase the company’s value to $250 billion. Musk did not say when this could happen.
Musk took over Twitter in October. The boss of the electric car manufacturer Tesla and the aerospace company SpaceX fired the top management of the online service and around half of the 7,500 employees at the time. Since then, Twitter has repeatedly suffered from technical glitches. Because the moderation of content has also been scaled back, numerous companies are now no longer advertising, which has resulted in a significant loss of revenue for the platform.
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