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X Valued Itself At $19 Billion, Half Of What Elon Musk Paid
Last Updated on: October 16th, 2024
On Monday, social media company X internally valued itself at $19 billion, which was a 55% drop from what Elon Musk paid last year $44 billion. This came after there were sweeping changes in the company, including its name change as well as various revenue struggles.
The company also handed various stock grants to employees that showed that the value of X is worth $19 billion. In October 2022, Musk purchased the majority of Twitter at $44 billion.
Furthermore, the employees also received equities in the social media company at $45 per share in the form of restricted stock units. However, these employees will still receive $54.20 for any outstanding shares that they receive as grants from the company even before Musk took over. To take the company private in 2022, Elon Musk paid $54.20 per share.
Musk repeatedly said before that he thinks he overpaid for Twitter.
According to Forbes.com,
?In April, during an interview with conservative media personality Tucker Carlson, he admitted the purchase was not currently ?financially smart? and said the company was worth about half of what he paid for it. In a March internal memo that was leaked to the press, Musk suggested the company was worth less than $20 billion.?
Since taking over Twitter, Musk made various polarizing decisions like renaming the platform to X, changing the meditation rules of the site, charging users to get verification checks, etc. Furthermore, there are also changes related to how much a user can view on the social media platform or how many direct messages a user can send.
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