Twitter has lost over half of its value since Elon Musk's purchase & takeover

[Snow 27,802]

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Twitter is worth less than half of what Elon Musk paid for it six months ago having lost more than $20bn (£16.4bn) in value, according to calculations based on a leaked memo from the billionaire.

The company’s steep devaluation follows Musk’s turbulent takeover. Several large advertisers have left the platform and a major source of funds for Musk’s purchase of the company, the investment firm Fidelity, has written down the value of its stake by 56%.

Musk warned workers that Twitter remained in a precarious financial position and, at one point, had been four months away from running out of money. Musk's email reportedly said bankruptcy was averted because of the "radical changes" he implemented—like staff cuts that reduced the company headcount from about 7,500 to under 2,000.

Musk also said in the email that he believed Twitter could someday be worth $250 billion, saying that he sees “a clear, but difficult path” to get there.

The measure of Twitter’s worth was based on Musk’s offer of stock grants, according to Platformer and the Information, which first reported on the memo. Generally used as way to incentivise employees, stock grants are an opportunity to buy shares that cannot be sold until a set point in time. The aim is to encourage staff to reach a set valuation by a point in time so that they can sell their shares for cash.

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[Princess Aurora 31,684]

Twitter's trash so I don't care