X, the company formerly known as Twitter, handed out stock grants to employees Monday that showed it was worth about $19 billion, down about 55% from the $44 billion that Elon Musk paid to buy the firm a year ago, according to internal documents seen by The New York Times.<\/p>\n
Musk paid $54.20 a share to buy Twitter just over a year ago. The tech billionaire has since said he overpaid for the social network. In March, he wrote in an email to workers that he believed the company was worth $20 billion, calling it “an inverse startup.”<\/p>\n
In the paperwork for the new stock grants, X said the equity would be offered at $45 a share in the form of restricted stock units, which employees can earn over time. Employees will still be paid in cash in the amount of $54.20 for any outstanding shares that were granted to them under previous management, the company said.<\/p>\n
It’s unclear why the share price has not dropped by the same percentage as the company’s valuation, though X could have altered the amount of shares outstanding. Fortune earlier reported on the valuation.<\/p>\n
A spokesperson for X did not return a request for comment.<\/p>\n
In his year of owning Twitter, Musk has overhauled the company and the social media platform. More than 80% of its 7,500 employees have either quit or been laid off. He has changed the service’s verification process, as well as content-moderation rules. Advertising, the company’s main source of revenue, was down in the United States by almost 60% this summer. Musk also loaded the company with billions of dollars in debt to help pay for the acquisition.<\/p>\n
In November, he famously made a joke about spending to buy a social media company, asking, “How do you make a small fortune in social media? Start out with a large one.”<\/p>\n
Musk has said he remains optimistic about the future of the company. Last week, in a company meeting celebrating the anniversary of the deal, he laid out how he believed X could serve as an all-purpose app with an array of features, including dating services and job recruiting, according to a recording obtained by the Times.<\/p>\n
“We’re rapidly transforming the company from sort of what it was, Twitter 1.0, to the everything app with an all-inclusive feature app where you can basically do anything you want on our system,” Musk told employees.<\/p>\n
Linda Yaccarino, X’s CEO, offered her own words of encouragement during the meeting.<\/p>\n
“For people that don’t see our vision yet, people that don’t see what’s happening here at X, stop giving any of that oxygen,” she said. “Don’t pay attention to it.”<\/p>\n","protected":false},"excerpt":{"rendered":"
X, the company formerly known as Twitter, handed out stock grants to employees Monday that showed it was worth about $19 billion, down about 55% from the $44 billion that Elon Musk paid to buy the firm a year ago, according to internal documents seen by The New York Times. Musk paid $54.20 a share to buy Twitter just over a year ago. The tech billionaire has since said he overpaid for the social network. In March, he wrote in an email to workers that he believed the company was worth $20 billion, calling it “an inverse startup.” In the […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7],"tags":[],"class_list":["post-800626","post","type-post","status-publish","format-standard","hentry","category-it-2"],"acf":[],"_links":{"self":[{"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/posts\/800626","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/comments?post=800626"}],"version-history":[{"count":0,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/posts\/800626\/revisions"}],"wp:attachment":[{"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/media?parent=800626"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/categories?post=800626"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/tags?post=800626"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}