WASHINGTON, Mar 26 American entrepreneur and billionaire Elon Musk has offered employees of Twitter, which he owns, stock rewards based on a company valuation of $20 billion—half that that the businessman paid for it, according to The Information.
Musk bought Twitter last October for $44 billion and has faced an outflow of large advertisers after liberalizing the social network's editorial policy, which has been criticized for heavy censorship and close ties to the Democratic establishment.
“Elon Musk has offered Twitter staff grants in the form of shares estimated at approximately $20 billion… This is a direct recognition of how much Twitter’s value has fallen since the deal,” the publication writes, citing a source familiar with the businessman’s letter to subordinates.
The Information writes that the $13 billion debt estimate is 11 times the $3 billion in revenue Musk expects in 2023. Twitter's competitors in the digital advertising market — Snap, Pinterest or Meta Platforms* — are estimated to be 4.5 times more than projected revenue, the publication said.
* Meta Activities (social networks Facebook, Instagram ) is banned in Russia as extremist. .html» data-title=»Twitter revenue down 40 percent in a year, media write»>