Elon Musk places $20 billion worth on Twitter after shopping for it for $44 billion 5 months in the past: Report
Elon Musk offered Twitter employees new equity grants valuing the corporate at $20 billion, The Data reported, citing an unidentified individual accustomed to an e mail despatched by the chief government officer to workers.
The $20 billion valuation is lower than half the $44 billion Musk paid to purchase the social media platform final yr, which in concept would supply staff a giant upside if the corporate’s worth recovers. Many early startups supply inventory choices at steep reductions.
The transfer may very well be seen as an try to stem an exodus of expertise. Throughout his stewardship, Musk has laid off 1000’s of staff in a sequence of job cuts that then led to mass resignations, as staff fled rising uncertainty concerning the firm’s route.
Musk applied huge modifications in content material moderation which have scared off some advertisers and eroded worth, nonetheless.
The corporate additionally started removing legacy verified marks that had beforehand helped customers verify authenticity of statements made by public figures and information organizations.
The Wall Avenue Journal earlier reported that Twitter was providing new fairness grants to workers that might begin to vest after six months.
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