Elon Musk currently values Twitter at $20 billion, up from 44 five months ago when the social network was acquired by the entrepreneur, according to an internal document consulted by several American media outlets.
The internal letter to employees concerned profit-sharing within the San Francisco group and the attribution of shares to X Holdings, the company that has run Twitter since it was acquired in late October.
The stock allocation program values the platform at $20 billion, close to the capitalization of Snap (18.2 billion), Snapchat’s parent company, or social network and creative site Pinterest (18.7), every two sides.
At the request of AFP via the email address dedicated to the press, Twitter generated an automatic response containing only an emoji in the shape of a pile of excrement.
In the internal document, Elon Musk justifies the brutal reduction in the rating with the group’s financial difficulties, a time shortly before bankruptcy, as he says.
“Twitter should lose $3 billion annually,” Elon Musk wrote in a message posted to the platform on Saturday.
In his opinion, this figure can be explained by a loss of sales of 1.5 billion dollars and a corresponding amount of debt maturing.
“But now that advertisers are coming back, it looks like we’ll break even in the second quarter of 2023,” Twitter’s CEO and majority shareholder said.
Since Elon Musk took control, he has reduced the company’s workforce from 7,500 to less than 2,000 employees, resorting to multiple waves of layoffs.
In the internal document, Elon Musk says he sees “a difficult but clear path” toward valuing the company at $250 billion, without giving a deadline.
The man, who also runs Tesla and aerospace giant SpaceX, announced that Twitter will open a window every six months for social network employees to sell their unlisted titles.