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Tuesday, March 28, 2023

Elon Musk: Twitter Neared Financial Ruins



Twitter's value has decreased from $44 billion to $20 billion, according to an email sent by Elon Musk to the company's workers on Friday. This is a substantial decrease from the price he spent to buy the business in October of last year.

The New York Times:

The New York Times looked at an email sent to promote a new equity compensation program. Musk informed workers that Twitter's financial position remained precarious with only four months remaining of operating expenses. At one time, the business was dangerously close to running out of money.

He proposed drastic steps, such as layoffs and cost-cutting, to avert insolvency and simplify operations.

Elon Musk asserts that Twitter is changing quickly and that it might be considered a "inverse start-up" because of this.

The company's value has considerably decreased as a consequence of Musk's extensive restructuring of Twitter. In October, Musk privatized Twitter, freeing it from having to disclose information to the public. The billionaire has stated in the public after Twitter's takeover that marketers have stopped using the service, which has resulted in income losses, and he has expressed concern that Twitter may go out of business.

Snapchat VS Twitter:

Twitter's $20 billion valuation is marginally higher than Snap's $20 billion valuation despite the downturn in ads and a decline in income. Snap estimates that its market value is around $18 billion, whereas Twitter's most recent public declaration showed 237.8 million daily active users.

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