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Musk admits that Twitter has lost half its value since he took over

by on27 March 2023

That is the sort of business genius he is

Red-faced supreme twit Elon [look at me] Musk has admitted that he has succeeded in reducing the value of Twitter by a half since he took over.

Musk paid $44 billion for the social notworking outfit last year claiming that he would turn it around by giving a voice to oppressed right-wing nutjobs and conspiracy nuts who are silenced on other channels.  Unfortunately, he did not realise that such a group constituted a minority of the human race and did not have much influence to attract advertisers.

Musk has slashed Twitter's workforce by more than a third and that has not worked either. The Tesla chief executive has reportedly indicated that Twitter is now valued at less than $20 billion than when he started.  It might have been better for him and investors if he had left it alone.

The estimate of the company's value was based on Musk's offer of stock grants to staff, according to technology news websites Platformer and the Information, which first reported the story.

Musk told staff: "I see a clear, but difficult, path to a >$250 billion valuation," which suggests he thinks he can get a more than tenfold increase in Twitter's valuation.  It is the sort of “optimism” that Musk fans expect from a bloke who told them they would have affordable robots doing the chores by the end of this year.


Last modified on 27 March 2023
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