X Is Now Worth Less Than Half Of What Elon Musk Paid
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It was recently revealed that X (formerly Twitter) is now valued at around US$19 billion. This is a massive drop of 55 percent from what Elon Musk paid for the company in October 2023.
According to reporting by the New York Times, the company handed out stock grants to employees which revealed that X was worth about US$19 billion. Back in October of last year, Musk had purchased a majority stake in Twitter in a deal which was valued at around US$44 billion
From US$54.20 to US$45 per share
The US news daily also mentioned that employees were offered equity in the company at US$45 a share in the form of restricted stock units. However, they will still be receiving US$54.20 for any outstanding shares that they received before Musk took over the company. Musk himself paid US$54.20 per share when he took the company private.
Since the purchase of Twitter, Musk has been known to have repeatedly stated that he overpaid for the company. Back in mid 2022, Twitter even went as far as suing Elon Musk when he had refused to go through with the purchase of the company at US$54.20 a share. The matter was settled by October 2022 when he finally closed the deal.
Selling off old Twitter handles for a fee
In other news, the company seems to also be ramping up efforts to sell disused use handles.
According to Forbes who have managed to obtain internal emails from the company, a team within X is currently working on a marketplace to allow users to purchase old and unused usernames that were previously registered.
Musk seems to have been planning this for some time now as Forbes mentions that Musk has been hinting at reclaiming usernames for “bots and trolls” and freeing them up as far back as November 2022.
