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

Meanwhile, Musk has actually duplicated on numerous celebrations that he indicates to turn X into an “whatever app”– largely motivated by the super apps popular in Asia such as WeChat– which would see the social media platform broaden to consist of a series of monetary services, video calls and other way of life usage cases. There are likewise hopes that X would incorporate cryptocurrency in some method in the future.Magazine: Ethereum restaking– Blockchain development or hazardous house of cards?

Elon Musks social media platform, X (previously Twitter), is worth less than half of what the tech billionaire bought it for in October last year, an internal memo has supposedly revealed.According to an Oct. 30 report from Bloomberg, the internal memo and sources familiar with the matter said that restricted stock systems just recently paid to staff members of the business were valued at $45 a share, which puts the businesss worth at around $19 billion, less than half of the $44 billion that Musk paid for the company on Oct. 27, 2022. Musk has made a series of controversial moves given that taking over the platform, consisting of rebranding it to X, changing many of its content rules and laying off approximately 80% of the businesss workforce.Xs everyday active user count has actually declined almost 20% since Musks takeover. Musk has made it clear that he desires to rely more heavily on paid user memberships, however as of right now, less than 1% of the platforms overall user base has actually decided to fork over cash for a premium membership– which equates to less than $120 million in yearly revenue.Cointelegraph called X for remark but did not receive an immediate response.Related: Elon Musk states posts busted by Community Notes wont earn profits shareOn the other hand, some have actually seen advantages to Elon Musks period at the business.