It was little secret that Elon Musk overpaid for Twitter. But a year after the purchase, the billionaire himself confirmed it.
Here's What We Know
In autumn 2022, Elon Musk became the owner of the company Twitter and the eponymous social network. The amount of the deal was $44 billion. Now the company is valued at only $19 billion ($45 per share), that is, the value has decreased more than twice.
A few months after the purchase, Musk created X Corp, which replaced Twitter. It is part of X Holdings Corp. The social network was renamed X and got a new logo instead of the usual blue bird.
Information about the decrease in the value of the company by 55% is reflected in internal documents, which were familiarised by journalists of The Verge. It is reported that the fair market price of securities is determined by the board of directors. Despite the fact that more than a year has passed since the purchase of Twitter, the governing body has not yet been finalised.
Source: The Verge