© Reuters. FILE PHOTO: The Twitter logo and a photo of Elon Musk are seen through a magnifying glass in this illustration taken October 27, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
(Reuters) – twitter inc. (NYSE:) CEO Elon Musk has offered employees of the social media company stock grants at a valuation of nearly $20 billion, Information reported on Saturday, citing a person familiar with an email Musk sent to staff. Twitter.
The reported valuation is less than half of the $44 billion Musk paid to acquire the social media platform, pointing to a drop in Twitter’s value.
Twitter did not immediately respond to an email request for comment from Reuters.
Musk said in December that Twitter is on track to be “more or less cash flow breakeven” in 2023, as major advertisers reduced their spending on the social media platform after the billionaire’s acquisition.
