Elon Musk claims that Twitter has lost more than half of its value

Elon Musk recently addressed an internal letter to his employees regarding the financial status of the group that controls Twitter/X. In that document, the tycoon says that the value of his social network has fallen to less than half of what he paid for it.

I remember that Twitter/X was bought by Elon Musk last October for 44 billion dollars. Now its owner believes the company is worth only $20 billion.

Twitter/X is worth $20 billion, according to Elon Musk

In the document to which the US press had access, Elon Musk acknowledges that Twitter was destined to lose 3,000 million dollars. However, the prediction he makes now reveals a much more negative scenario for his social network.

Elon Musk's Twitter

This brutal contraction was justified by Elon Musk due to the financial difficulties the group is going through. According to himself, the social network was close to bankruptcy for some time.

The also owner of Tesla and SpaceX is, however, optimistic about the future of his social network. During the second quarter, Musk believes that more advertisers can return to the social network and thus help balance the accounts.

Going forward, Elon Musk believes the group that controls Twitter/X could reach a valuation of $250 billion. It will be, according to himself, “a difficult path, but clear” and still without a defined deadline.

Since Elon Musk acquired Twitter, the social network has reduced the number of employees from 7,500 to less than 2,000. At the time, these mass layoffs were justified as a measure to improve the health of the company.

Since the end of June, Elon Musk has resigned as CEO of Twitter/X, delegating this responsibility to Linda Yacarrino. Still, Musk continues to oversee the company’s strategic operations as chief executive.

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