Twitter is worth only a third of what Elon Musk paid for it

A few months ago we talked about the dramatic collapse of Elon Musk's fortune after his takeover of Twitter. Today, according to a report cited by Hypebeast, Twitter is also in deep crisis and is worth only a third of what Musk and the other 19 co-investors paid for it last year. Whereas the Tesla CEO's personal portfolio had "broken" the $300 billion barrier in November 2021, making him the first billionaire in history to reach that record, Musk lost $100 billion the following year, bringing his misfortune to Twitter as well, which is now worth $15 billion, down from $44 billion in 2022.

Given the data, the decision to lay off seven thousand employees after the acquisition may have been driven by the need to cut costs and improve profitability, as was the launch of Twitter Blue, the paid verification ticker programme aimed at generating revenue through subscriptions. However, Musk's initiatives as CEO of the social media company have not produced the desired results, highlighting the need for change. In an attempt to remedy the situation, Musk recently announced Linda Yaccarino as Twitter's new CEO. An expert in advertising revenue through her experience at NBCUniversal, Yaccarino may be able to provide strategic guidance to generate more revenue for the platform. Still, doubt remains that little can be done to turn Bluebird's fortunes around following the head shots of the platform's former CEO.