elon musk x deal – pressnews

[ad_1] X, the platform formerly known as Twitter, is worth less than half of what Elon Musk paid for it a year ago. Restricted stock units awarded to employees value the company at $19 billion, or $45 a share, according to a person familiar with the matter. A year ago, Musk bought Twitter Inc. for $44 billion. Since the takeover, most of Twitter's staff was laid off or resigned. Musk renamed the company X, changed some of its content rules and lost more than half of its advertising revenue. Fortune earlier reported on the valuation, citing an internal memo. The company has struggled financially under Musk's ownership. At the time of the takeover, Twitter was valued at $44 billion, based on a mix of debt and equity. Musk's purchase saddled the company with $13 billion in debt and ove...

[ad_1] A year ago Elon Musk purchased X, formerly known as Twitter, taking the platform on a journey that has resulted in lost money, advertisers and trust. Musk closed the $44 billion deal on October 27, 2022, facing a lawsuit that held him to terms of purchase he was keen to escape. Here is a look back at Musk's first year as owner of the platform. - Family feeling gone -In the days after his purchase, Musk quickly fired executives who had been running Twitter and took the publicly traded company private. He also laid off most of the San Francisco-based company's workers, cutting ranks to fewer than 1,500 from 8,000. Twitter employees were asked to commit unconditionally to their jobs and forego any notion of telecommuting. Former project manager Esther Crawford, who wrote online ab...

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Elon Musk’s X Is Worth Less Than Half of Price He Paid for Twitter

A year after Musk’s Twitter takeover, X remains mired in turmoil