Twitter logo and a photo of Elon Musk are displayed through magnifier in this illustration taken October 27, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
25 March (Reuters) Elon Musk, the CEO of Twitter Inc., has offered stock grants to the staff of the social media company valued at close to $20 billion, the Information reported on Saturday, citing a source familiar with an email Musk sent to Twitter employees.
The reported valuation indicates a decline in Twitter’s value as it is less than half of the $44 billion that Musk paid to acquire the social media platform.
According to Musk’s prediction made in December, Twitter will “roughly cash flow break-even” in 2023 as top advertisers cut their spending on the social media platform following the billionaire’s acquisition.