Elon Musk said Twitter employees will receive stock awards based on a valuation of approximately $20 billion, less than half the $44 billion price the billionaire bought the company for last year.
- Elon Musk revealed to Twitter employees that they will receive stock awards based on a $20 billion valuation
- The amount corresponds to less than half of the total paid by Musk for the social network last year
- The billionaire described the current Twitter as “a reverse startup”
- He says he sees a way for the social network to be valued at more than $250 billion.
The information was revealed by Platformer, The Information and The Wall Street Journal , who claim to have had access to an internal email of the company. In the note to staff, Musk said he was optimistic about the future of the social media company. “I see a clear but difficult path to a valuation of more than $250 billion,” which would mean the shares granted now would be worth 10 times as much, he said.
Musk also said in the email that Twitter is being revamped so quickly that the company “could be considered a reverse startup.” He said in the email that sweeping changes were needed in part to ensure that Twitter doesn’t go bankrupt.
The new valuation is a sign of the challenges Twitter has faced since acquiring Elon Musk. Many big advertisers have stopped spending on the platform, challenging Twitter’s main source of revenue, although the company is working to lure those advertisers back.
Twitter Blue users will be able to hide their blue verification badges
Twitter may be working on a feature that allows you to hide the blue checkmark you get when paying for the Blue subscription. A screen found by app researcher Alessandro Paluzzi shows that the company is working on a control panel for verification settings, one of the options being “Show or hide your blue checkmark on your profile”.
This report should be viewed with caution, as it appears to be a feature in development that Twitter has not announced.