According to an internal document from the social network Twitter, it is estimated that the platform now in the hands of magnate Elon Musk is worth $20 billion, that is, a little less than half the price for which it was acquired.
“Twitter was set to lose $3 billion a year,” Musk wrote on Saturday. According to some media outlets that consulted the document, the report justifies the sharp contraction of the company’s valuationclaiming that it was due to financial difficulties.
The stock grant program values Twitter in the $20,000 million dollars, for its part Pinterest is in $18,700 million dollars and Snap in $18,200 million of dollars. The loss of the social network, according to Musk, is due to a turnover of $1.5 billion dollars and debt maturities for another equivalent amount, according to AFP.
Most companies in the technology sector this year announced a wave of layoffs, amid spending cuts, since Elon Musk took control of Twitter it has been reported that more than 5,500 workers have been left out of the social network.
In addition, the company lost several of its advertisers since last year, although the executive director and majority shareholder of Twitter assured that this year “lAdvertisers are coming back, looks like we’re going to break even in the second quarter of 2023,” he said.
Source: La Opinion