Twitter is now worth half of the $44B Elon Musk paid for it — Report

Elon Musks social media platform, X (previously Twitter), is worth less than half of what the tech billionaire purchased it for in October last year, an internal memo has reportedly revealed.According to an Oct. 30 report from Bloomberg, an internal memo and sources familiar with the matter stated that restricted stock units recently paid to workers of the business were valued at $45 a share, which puts the companys worth at around $19 billion– less than half of the $44 billion that Musk paid for the company on Oct. 27, 2022. Musk has actually made a series of controversial relocations because taking over the platform, consisting of rebranding it to X, altering numerous of its content rules and laying off roughly 80% of the businesss workforce.Xs daily active user count has declined nearly 20% given that Musks takeover. As of the time of publication, X supposedly owes around $1.2 billion in interest payments on its approximately $13 billion in total debt.Musk has actually made it clear that he desires to rely more heavily on paid user subscriptions, however as of right now, less than 1% of the platforms overall user base has decided to fork over money for a premium membership, which corresponds to less than $120 million in yearly revenue.Cointelegraph called X for comment however did not get an immediate response.Related: Elon Musk says posts busted by Community Notes will not make revenue shareOn the other hand, some have actually seen benefits from Musks tenure at the company.

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Musk has duplicated on many events that he suggests to turn X into an “everything app”– largely influenced by the very apps popular in Asia such as WeChat, which would see the social media platform expand to include a variety of financial services, video calls and other lifestyle use cases.There are also hopes that X will incorporate cryptocurrency in some way in the future.Magazine: Ethereum restaking– Blockchain development or unsafe home of cards?