NEW YORK: Twitter CEO Elon Musk has offered the social media company’s employees stock grants at a valuation of nearly US$20 billion, the Information reported on Saturday, citing a person familiar with an email Musk sent to Twitter staff.
The reported valuation is less than half of the US$44 billion that Musk paid to acquire the social media platform, pointing to a drop in Twitter’s value.
Twitter did not immediately respond to a Reuters’ emailed request for a comment.
Musk said in December that Twitter is on track to be “roughly cash flow break-even” in 2023 as top advertisers slashed their spending on the social media platform after the billionaire’ s takeover.