Elon Musk mistakenly reveals that Twitter has lost more than half of its value!
by LORENZO CIOTTI | VIEW 332
Elon Musk said, probably in error, that Twitter is worth twenty billion dollars. The South African bought the social network in October, paying for it more than double its current value, 44 billion. The email that the billionaire sent to his employees represents the admission of the great flop of the operation.
In the internal message, which should have remained confidential, the owner of Twitter offered employees participation in the profits and the assignment of shares of X Holding, the company through which Musk bought the social network.
Musk confirmed that the company remains in precarious financial shape and admitted that it came close to running out of cash. The AFP agency, through the email dedicated to the media, had asked for clarifications but Twitter generated an automatic response, also via email, in which an emoji in the shape of excrement appeared.
The inelegant choice would have been dictated by Musk himself, who does not have a good relationship with the media. Twitter filed a court complaint against unknown persons after the social network's confidential basecodes went online last year.
The data had been published on the company's GitHub Inc platform, which then removed them, but for months, according to the complaint filed with the federal district of Northern California, they remained visible to anyone.
Musk wants to find out who, among his managers, or ex of him, has put in the square that information. Whether the risk of a crisis has disappeared is not clear, considering that the owner of the social network has continued to praise the data and interactions for months, and talked about the rush of advertisers to buy advertising space on the platform, when in reality the indications indicated the opposite.
Musk explained to employees that the mass layoff of workers, which went from seven thousand to less than two thousand five hundred in a few months, was necessary to save the accounts. The company, he added, was at risk of losing three billion dollars a year.
But this unprecedented cut has ended up decapitating the departments that were responsible for controlling the security of the platform, the collection of user data. The $20 billion valuation narrowly surpasses Snap, Snapchat's parent company, which has admitted problems with advertising revenue and announced a decline in profiles.
Snap has an average of 375 million daily users, more than Twitter's 237.8 before it was bought by the South African. Musk, faithful to his hyperbolic tone, also claims that one day the social network will be worth 250 billion, but did not explain on what basis.