X Formally Valued At Less Than Half What Musk Paid

The Verge reports:

Everyone knew that Twitter wasn’t worth $44 billion when Elon Musk bought it a year ago. Now, we know what Musk himself thinks the company is worth today: $19 billion. On Monday, employees at X were awarded equity in the company at a valuation of $19 billion, or $45 per share, according to internal documents seen by The Verge.

That price is a 55 percent discount to Musk’s original purchase price, per the documents. They note that “the fair market value per share is determined by the Board of Directors based on a number of factors in a manner that complies with applicable tax rules.” (Musk has yet to create a formal board for X.)

Read the full article. Sure, he’s already lost at least $25 billion, but in return he’s enabled literal Nazis, anti-vax loons, anti-LGBTQ hate speech, fake war news, and a clown car cornucopia of violent extremists.

X is officially valued at $19 billion, employees were notified today. The company is granting them shares in the company at that valuation, which is a 55 percent drop from Musk’s $44 billion purchase price https://t.co/2az7rOby7k

— Alex Heath (@alexeheath) October 30, 2023