X's valuation takes a dive, falls from $44 billion to $19 billion
X/Twitter
X, formerly known as Twitter, which distributed stock grants to its employees recently, has revealed a big drop in its valuation.
According to internal documents obtained by The New York Times, the company's value has plummeted to approximately $19 billion. This figure marks a stark 55 per cent decline from the staggering $44 billion that tech mogul Elon Musk paid to acquire the company merely a year ago.
Elon Musk's acquisition of Twitter transpired at a rate of $54.20 per share, which he himself has subsequently acknowledged as an overpayment for the social media platform.
In March, he conveyed his belief that the company's worth stood at $20 billion, characterising it as "an inverse start-up".
The report by New York Times cited documents detailing the latest stock grants, wherein X disclosed that equity would be extended at $45 per share in the form of restricted stock units, enabling employees to earn these shares over time.
The company has also confirmed that employees will still receive cash equivalent to the original acquisition price of $54.20 per share, pertaining to shares granted under the previous management.
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It remains unclear why X's share price has not mirrored the same percentage decrease as the company's overall valuation. It is possible that X adjusted the number of shares available.
During his year of ownership, Elon Musk has executed extensive transformations within Twitter, leading to shifts in both the company's structure and the social media platform itself. The company has witnessed the departure or layoffs of over 80 per cent of its 7,500 employees. Musk has implemented alterations to the platform's verification process and content moderation policies. Notably, advertising, Twitter's primary revenue source, saw a nearly 60 per cent decline in the United States during the summer. To finance the acquisition, Musk also burdened the company with billions of dollars in debt.
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