Twitter CEO Elon Musk, in a letter to employees, offered stock to employees as a reward. The bonus is based on a company valuation of $20 billion.
The Information reports it, citing an employee of the social network. According to the publication, the $20 billion valuation is Musk’s acknowledgment of how much Twitter’s value has fallen since the billionaire joined the company.
However, even these figures, as The Information emphasizes, significantly exceed the market estimates of the platform’s competitors.
Elon Musk became head of Twitter at the end of October last year, acquiring the company for $44 billion. According to the WSJ, by the end of 2022, the social network’s revenue had collapsed by 40% due to the departure of big advertisers.
The businessman had to take out a $13 billion loan with more than $1 billion in annual interest to close the deal, and the first payment on the loan had already been made.
In February, the businessman tweeted that the company was “definitely not financially strong yet” and needed a lot of “work” to achieve results. Musk emphasized that for the past three months he has been trying to “save Twitter from bankruptcy.”
Author:
Ahmed Sadulayev
Source: RB
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