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X Plumets -57% Post Elon Musk Acquisition, Now Valued at $19 Billion

BlockNews.com Team by BlockNews.com Team
October 30, 2023
in Breaking News, Business, Finance
X Plumets -57% Post Elon Musk Acquisition, Now Valued at $19 Billion
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  • Twitter’s valuation has dropped 55% to $19 billion since Elon Musk acquired the company for $44 billion last year, according to internal documents.
  • The new $19 billion valuation was determined by Twitter’s Board and is based on employees being awarded equity at $45 per share, far below the $54.20 per share Musk paid.
  • The massive write-down in Twitter’s valuation indicates the company is likely not worth what Musk paid and raises doubts about its health under his leadership.

A year after Elon Musk acquired Twitter for $44 billion, the company is now valued at just $19 billion according to internal documents – a massive 55% drop. This sheds light on the steep decline in Twitter’s worth since Musk took over.

🚨 NEWS: Elon Musk purchased X (formally Twitter) for $44 billion around 1 year ago.

X is now worth $19 billion, Fortune reports.

That is a ~57% drop in evaluation 👀 pic.twitter.com/lQamNRT6AG

— BlockNews.com (@blocknewsdotcom) October 30, 2023

Twitter’s New $19 Billion Valuation

According to documents seen by The Verge, Twitter employees were recently awarded equity at a $19 billion valuation, or $45 per share. This is far below the $54.20 per share that Musk paid last year. The new valuation was determined by Twitter’s Board based on several factors.

What This Means

The plummeting valuation indicates that Twitter is likely not worth what Musk paid. While employees are now receiving equity, the shares are likely overvalued. One of Musk’s investors, Fidelity, believes Twitter is worth 65% less than Musk’s purchase price.

The drastically reduced valuation raises serious doubts about Twitter’s health and standing since Musk acquired the company. While the long-term implications remain unclear, the massive write-down in value reflects poorly on Musk’s leadership so far.

Tags: BusinessElon MuskFinancetwitter
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