Tech Billionaire Elon Musk Offers Equity Grant To Twitter Employees At Valuation Nearly $20 Bln: Report

New Delhi: Twitter Inc CEO Elon Musk has offered the social-media company’s employees stock grants at a valuation of nearly $20 billion, the Information reported on Saturday, citing a person familiar with an email Musk sent to Twitter staff.

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The reported valuation is less than half of the $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.

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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.