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