Less than half of what you paid
The social media world has witnessed news that has left many surprised. Elon Musk, the CEO of Twitter, has told his employees via email that the company is now valued at $20 billion, less than half of what he paid to buy it last year.
New workers’ compensation program
In the email, to which The New York Times had access, Musk also announced a new workers’ compensation program. In this program, employees will have the opportunity to receive stock in his holding company, X Corp, which bought Twitter.
Current financial situation of the company
Musk has updated employees on the company’s current financial situation, noting that at one point, it was running out of cash. But despite the financial problems, Musk believes Twitter can become a very successful company. In fact, according to The New York Times, he mentioned in the email that he believed Twitter could one day be worth $250 billion.
Many changes in the company
The company has undergone a series of changes in recent months. Last year, Twitter cut half of its workforce and Musk has generated controversy with many of the changes he has implemented on the platform.
Musk defends layoffs
Despite the criticism, the billionaire has defended the Twitter layoffs, arguing that the company was losing more than $4 million a day.
They will be able to sell their shares every six months
Musk has also announced that Twitter will allow its employees to sell their shares every six months, similar to what SpaceX, his private rocket manufacturer, does.
Liquid shares, but without the chaos of listing and legal burdens
This private stock sale will allow employees to have «liquid shares, but without the listing chaos and legal burdens of a public company,» Musk wrote in the email.
