Elon Musk concedes Twitter is now worth less than half what he paid in email about stock grants, report says
Elon Musk admitted that Twitter is now worth less than half what he paid in an email about stock grants to employees, reports say.Saturday that Musk told staff Twitter had been through a period of radical but necessary change because it'd been"about 4 months away from running out of money. Now, he says, the financial incentives of employees should align with the company."
She tweeted that the stock grants were based on a"$20b valuation." Musk paid $44 billion to take control of Twitter in late October. Musk also told staff he saw a"clear but difficult path" to a $250 billion valuation, Schiffer tweeted.on the email, in which Musk told employees they could sell their stock holdings for cash"every six months, based on a third party valuation" during"liquidity events."
That process would be similar to one used by SpaceX, which Musk said"achieves the public company advantage of having a liquid stock, but without the stock price chaos and lawsuit burdens of a public company," per the report. He also wants employees to think of Twitter as an"inverse startup," per The Information, in a reference to the thousands of jobs that have been cut since he took over. Twitter now has few as 1,300 staff,
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