Image: AFP
When shares were allocated to employees, X was valued at a total of $19 billion, wrote on Monday the magazine “Fortune” and the financial service Bloomberg, among others. Musk paid around $44 billion for Twitter in October 2022.
He has since renamed the service to X and wants to use this as a basis to build an app with more functions including financial services. The platform has suffered a significant decline in advertising revenue since the takeover. Musk has said several times that they are only about half as high as they once were on Twitter.
Many companies avoid X as an advertising platform because they fear a negative environment for their brands. Musk is increasingly trying to fill the gap with subscription revenue. In addition, he took out loans of around $13 billion for the takeover – which are now burdened by X and are estimated to be due around $1.2 billion in interest per year.
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