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Twitter is now price solely $15 billion, almost a 3rd of the $44 billion that Elon Musk paid for the platform in 2022, in line with Constancy.
The asset supervisor, which owns an fairness stake in Twitter underneath X Holdings Corp., had beforehand slashed its valuation by greater than 55% on the finish of final 12 months, about one month after Musk acquired the platform.
Musk’s buy was quickly adopted by the bungled rollout of a subscription service and the banning of journalists, which scared off advertisers and resulted in greater than half of them halting spending on the social media firm.
With the price of Twitter shares persevering with to drop, the billionaire lastly appointed former promoting media govt Linda Yaccarino as the brand new CEO earlier this month in an try to extend income.
In December, Musk launched a ballot on Twitter asking customers to vote on whether or not he ought to step down from his position as CEO. Greater than 57% of respondents voted sure. Yaccarino’s appointment got here six months later.
Below Musk, Twitter has undergone mass layoffs, with underneath 2,000 folks now working at what was as soon as a 7,500 individual firm. Musk has additionally confronted a number of lawsuits pertaining to tons of of hundreds of {dollars} of unpaid lease on Twitter’s workplace areas.
Musk’s try and launch an encrypted messaging service earlier this month was additionally widely-criticized by safety specialists.
The platform has additionally been suffering from technical difficulties. Simply final week, Florida Gov. Ron DeSantis’ announcement of his 2024 presidential bid on Areas was rocked by glitches. The occasion was additionally seen as indicative of Musk’s want to shift the platform in the direction of a extra conservative consumer base.
Tucker Carlson additionally introduced lately that he can be bringing the subsequent iteration of his present to the platform, following his abrupt departure from Fox Information.
“There aren’t many platforms left that permit free speech,” the controversial host mentioned in a three-minute video posted from his Twitter account. “The final large one remaining on this planet, the one one, is Twitter.”
Paradoxically, Musk most lately got here underneath hearth for giving into censorship calls for from the Turkish authorities, amid a contested election that was finally gained by Turkey’s President Recep Tayyip Erdogan.
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