Author: Reuters
The tycoon calculates that the company’s value has fallen to $20,000 million, compared to the $44,000 he paid in October to take control of the social network.
Twitter tycoon Elon Musk, Twitter’s sole owner, assured his employees in an internal memo that the company’s value had fallen to $20 billion, less than half the $44,000 he paid to buy it last October.
In an emailed note, which was consulted by several US media like The Wall Street Journal or The New York Times, Musk says Twitter is ‘transforming so quickly’ which can now be considered “a starting on the other way”.
Musk’s statement appears in this letter, dated last Friday, sent with the primary purpose of explaining to employees the stock-based compensation program, which would be calculated based on the company’s new value. Musk did not respond to any media calls for comment on the matter, and the company responded to requests for confirmation with emojis.
The billionaire, who since his arrival on Twitter he cut his staff by almost a quarter and sold much of the furniture at the San Francisco headquarters, failed to avoid losing a large number of advertisers, the company’s main source of revenue, and its new paid “Twitter Blue” doesn’t seem to have improved things either. Even so, in his email last Friday, Musk says more extensive changes will need to be implemented to avoid bankruptcy of the company.
On the other hand, and also in relation to Twitter, The New York Times ensures that the source code of Twitter – the digital programming language on which the platform is based – was shared online, possibly for “months”, until the company condemned it in a Northern California court last Friday.
same day, Twitter sent a copy of the offense Copyright on the GitHub platform, where many developers are software share materials, and since that moment information about the source code has disappeared from there, and until now it was not known who could be behind this information leak, a matter that is actively investigated internally by the company and which is the subject of a complaint.
Source: La Vozde Galicia
I am Jason Root, author with 24 Instant News. I specialize in the Economy section, and have been writing for this sector for the past three years. My work focuses on the latest economic developments around the world and how these developments impact businesses and people’s lives. I also write about current trends in economics, business strategies and investments.
