Elon Musk Claims Twitter Is Now Worth Way Less Than What He Paid For It

BYAlexander Cole2.0K Views
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Elon Musk Shareholder Lawsuit Trial Continues In San Francisco
SAN FRANCISCO, CALIFORNIA - JANUARY 24: Tesla CEO Elon Musk leaves the Phillip Burton Federal Building on January 24, 2023 in San Francisco, California. Musk testified at a trial regarding a lawsuit that has investors suing Tesla and Musk over his August 2018 tweets saying he was taking Tesla private with funding that he had secured. The tweet was found to be false and cost shareholders billions of dollars when Tesla's stock price began to fluctuate wildly allegedly based on the tweet. (Photo by Justin Sullivan/Getty Images)
Twitter's evaluation has tanked over the last few months.

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

Elon Musk attends Heidi Klum's 2022 Hallowe'en Party at Sake No Hana at Moxy LES on October 31, 2022 in New York City. (Photo by Taylor Hill/Getty Images)

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.

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About The Author
Alexander Cole is the current editor-in-chief of HotNewHipHop. He started at HotNewHipHop back in 2018 where he began as a Sports and Sneakers writer. It was here where he began to hone his craft, putting his journalism degree from Concordia University in Montreal, Quebec, to good use. Since that time, he has documented some of the biggest stories in the hip-hop world. From the Kendrick Lamar and Drake beef to the disturbing allegations against Diddy, Alex has helped HotNewHipHop navigate large-scale stories as they happen. In 2021, he went to the Bahamas for the Big 3's Championship Game. It was here where he got to interview legendary figures like Ice Cube, Clyde Drexler, and Stephen Jackson. He has also interviewed other superstar athletes such as Antonio Brown, Damian Lillard, and Paul Pierce. This is in addition to conversations with social media provocateurs like Jake Paul, and younger respected artists like Kaycyy, Lil Tecca, and Jeleel!
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