Elon Musk says Twitter is worth $20 billion, less than half of what he paid for the social network

Elon Musk gave the figure in a letter to employees explaining a stock compensation program


Twitter tycoon Elon Musk, the sole owner of Twitter, assured his employees in an internal note that the company’s value has fallen to $20 billion, less than half of the $44 billion he paid to buy it last month last october.


In the note sent by email, which has been consulted by several US media such as The Wall Street Journal or The New York Times, Musk says that Twitter is “transforming so quickly” that it can now be considered “a start-up the other way”.


The letter, sent last Friday, was sent to explain to the employees a compensation program in shares that would be calculated according to the new value of the company.


Musk has not responded to calls from any media to comment on the matter and the company has responded with emojis to requests for confirmation.


Musk’s reduction


The billionaire, who since his arrival at Twitter has reduced his staff by almost a quarter and has sold much of the furniture at the San Francisco headquarters, has not been able to avoid losing a large number of advertisers, the company’s main source of income, and its new paid Twitter Blue doesn’t seem to have improved things either.


Still, in his email last Friday, Musk says more sweeping changes will need to be implemented to prevent the company from going bankrupt.


On the other hand, and also in relation to Twitter, The New York Times assured that the source code of Twitter – the digital programming language on which the platform is based – was shared online, probably “for months”, until the company he denounced it last Friday in a Northern California court.


That same day, Twitter sent a copy of copyright infringement to the GitHub platform, where many software developers share material, and from that moment the information about the source code disappeared without knowing until now who could be behind it.


This leak, a matter that is being actively investigated within the company and that is the subject of the complaint.