Elon Musk’s Twitter purchase has cost him billions.The billionaire sent a company-wide email about employee stock grants last week, which was obtained by The New York Times.In that email, Musk revealed to staff that the company’s value has plummeted significantly since going private.He told staff the social media app had seen a loss of roughly $20 billion in value, as per his own estimates.Musk purchased the 17-year-old social media platform in October for a whopping $44 billion.In the months that followed, advertisers fled the platform in droves, Vox reported.Credit: Alamy/PAAs per digital marketing analysis firm Pathmatics, as of February more than half of Twitter’s top 1,000 advertisers abandoned the social media site in the wake of Musk’s takeover.The data, shared with Vox, revealed Twitter had only retained six of its 10 top pre-acquisition advertisers.In December, the Wall Street Journal reported that company’s revenue had plummeted by a whopping 40 percent.And, as advertising is Twitter’s main source of income, that means Musk is in some pretty hot water right now.He also said in the email that Twitter is four months away from running out of capital.This suggests the social media app may soon be verging on bankruptcy and could soon be
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Elon Musk says Twitter's value has dropped more than half since he bought it for $44 billion
