Twitter Inc CEO Elon Musk has offered the social-media company’s employees stock grants at a valuation of nearly $20 billion, the Information reported, citing a person familiar with an email Musk sent to Twitter staff.
The reported valuation is less than half of the $44 billion that Musk paid to acquire the social media platform, pointing to a drop in Twitter’s value.Twitter did not immediately responded.
Musk said in December that Twitter is on track to be “roughly cash flow break-even” in 2023 as top advertisers slashed their spending on the social-media platform after the billionaire’ s takeover.
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Twitter has picked April Fool’s Day, otherwise known as April 1, to start removing legacy blue checkmarks from accounts that had them on the platform.
Despite the significance of the day Twitter chose, the move has been anticipated for months now. Musk tweeted in December that the company would remove those checks “in a few months” because “the way in which they were given out was corrupt and nonsensical.”
