I admit, I’m impressed. Elon Musk has thrown away $24 billion in less than half a year. That takes real money savvy.
Elon Musk has revealed that he believes Twitter is currently worth $20 billion, or less than half the $44 billion he purchased it for just five months ago.
In a companywide email Friday obtained by the New York Times about employee stock grants, Musk admitted that the company’s value since going private, in his estimation, is roughly $20 billion; in the aftermath of Musk’s acquisition, many advertisers — the social network’s main source of income — fled the service, and as Vox reported earlier this week, haven’t returned.
That’s not the punch line, though. This is the punch line:
Elsewhere in the email, Musk said that at one point Twitter was four months away from running out of money, which sparked the need for mass layoffs and other cuts. However, an optimistic Chief Twit also told the employees that still remain there that “I see a clear, but difficult, path to a >$250B valuation,” and that he now views Twitter as an “inverse start-up.”
As ever, Elon Musk is the master of hype and self-delusion. No, he doesn’t have a plan to increase the value to $250 billion. Right now, he’s playing games with checkmarks that people can buy. I never saw the point of getting verified and getting blue checkmark on my twitter account back in the day, when the company was run by only semi-incompetent management, and now that Musk is imposing weird arbitrary rules to get people to pay for it, I have even less interest. He thinks this will help him increase the value of the company by $230 billion? That’s nuts.










