Twitter CEO Musk offers employees stock grants at nearly US$20B valuation


    26th March 2023 – (New York) Twitter Inc CEO Elon Musk has reportedly offered stock grants to the social media company’s employees, valuing the platform at almost $20 billion. This news was reported on Saturday by The Information, citing an individual who is familiar with an email Musk sent to Twitter staff. While the valuation is still high, it is less than half of the $44 billion that Musk had paid to acquire the social media platform, which suggests that Twitter’s value has dropped.

    According to Musk, Twitter is on track to achieve break-in point by 2023. This statement was made in December last year after top advertisers reduced their spending on the social media platform following the billionaire’s takeover.

    This offer by Musk comes as part of a move to retain employees as Twitter faces stiff competition from other social media giants such as Facebook and Snapchat. The company has struggled to grow its user base and revenue streams in recent years, leading to a drop in its stock prices.