AP Photo/Michel Euler, File
It has been one year since Elon Musk bought Twitter for $44 billion, and in an internal memo, employees of the platform were told that it’s now worth $19 billion.
Ryan Mac, a tech reporter at the New York Times, posted the tidbit from the memo on the platform itself:
X, the company formerly known as Twitter, told employees in an internal note today that the company is worth $19 billion, down from the $44 billion Elon Musk paid for it a year ago.
— Ryan Mac 🙃 (@RMac18) October 30, 2023
Earlier this month, Reuters did a deep dive into Twitter/X one year after Musk’s takeover and predicted that the value had experienced a huge drop. While its estimates were much lower, predicting a new value of $8 billion, it was correct that the amount would be greatly decreased. Twitter/X, which is now run by CEO Linda Yaccarino, is also $13 billion in debt.
This time last year, Musk apparently had $44 billion in change he found in couch cushions so he decided to take his “free speech absolutism” and go a little crazy with an impulse buy. Ever since then, the social media platform Musk renamed “X” has gone through a massive transformation that some say is not for the best. Advertisers fled, toxic rhetoric and hate speech increased, and Musk was roundly mocked for trying out paid subscription services on something that was once free for everyone.
But now, at least, we can look forward to Twitter/X teaching us a new dystopian way to love each other by publicly displaying all of our red flags right up front, for better or for worse.
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