Elon Musk lost half of what he paid for X/Twitter

by Jerry

A year ago, entrepreneur Elon Musk took over the helm of what was then Twitter, now called X. Since then, the platform has lost 55% of its value. The $44 billion transaction resulted in a company that is now worth $19 billion. The drop would be from R$222.1 billion to R$95.9 billion, according to the exchange rate of the day.

The information on the market value of X/Twitter was obtained by the American website The Verge based on documents received by the employees themselves. This is because they obtained shares in the company, and for that, it was necessary to inform their current constitution.

Each share of the current X is worth 45 cents, according to a decision by the company’s board of directors. Despite the pompous name, nowadays only Musk chairs and is part of the board.

The entrepreneur’s idea is to repeat the same remuneration format as SpaceX. The space exploration company is not traded on any stock exchange. Even so, employees receive part of the payment in quotas that can then be resold to external people.

Perhaps Musk’s assessment is too generous. One of the partners believes that the value of the company has sunk 65% in this one-year period under the management of the entrepreneur.

The social network X is falling: the total number of daily active users went from 140 million in October 2022 to 121 million at the current moment, according to an estimate by the consultancy Apptopia. On the other hand, the time spent on the app increased from 18.8 minutes to 20.6 minutes in the United States.

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