When Elon Musk swooped in to buy Twitter a few months ago, a lot of people laughed at him. Overall, Musk is far from the most popular person in the world. While he certainly does have an army of sycophants on Twitter, there are many who take issue with his business practices. Moreover, his behavior on social media is oftentimes that of a divorced dad with too much time on his hands. That said, perhaps it isn't so surprising that he would want to be the owner of a platform that is known for housing the chronically online.
Either way, he bought the platform for a grand total of $44 billion. At the time, many felt as though he was grossly overpaying for the platform. After all, Twitter is not meant to be a huge cash cow. However, his meme offer put him in a precarious position, and he was forced to acquire the company. Since then, Twitter has only gotten worse. A horrific For You page, increased levels of racism, and Twitter Blue have made the website almost inhospitable. Consequently, the company is now experiencing major losses in its evaluation.
Elon Musk State Of The Union
According to TMZ, a memo from Elon addressed to Twitter employees claims that the company is now only worth upwards of $20 billion. When you do the math, you realize that Elon Musk has lost over half of his investment. Although, Musk doesn't seem too concerned right now. He believes that Twitter would have gone bankrupt if it were not for him. This is quite a bold statement, however, it isn't that surprising when you consider how only a select few are crazy enough to pay to use Twitter.
It remains to be seen how Musk will be able to turn the company around, if at all. Advertisers are already running for the hills in regard to Twitter as content moderation has been pitiful. In Musk's eyes though, he is the best CEO to ever exist. If only we all could have such visions of ourselves.
[Via]
