Elon Musk’s Net Worth Decreases as Twitter’s Market Value Plummets to $19 Billion

Elon Musk convinced banks to finance his mission to buy Twitter, which he eventually did for a whopping $44 billion in October of last year. But fast-forward a year later, and it appears that the value of Twitter, now called X, has plummeted, meaning Musk is losing billions from his investment in the platform.

The latest information on X’s financial health was revealed by Musk himself, who said that X is now worth $19 billion, which is more than $20 billion less than what Elon paid to buy Twitter (now X) last year.

Most financial experts had pointed out that Twitter was never worth the $44 billion Musk paid to buy the platform, and now the true market value only echoes that position a year later after the company was also completely overhauled and rebranded. X follows Musk’s strategy of letting his employees buy his shares.

But earlier this week, X’s employees were granted equity capital that confirmed X’s latest valuation, and surely the banks financing Musk’s acquisition have more questions about the company’s future and whether they’ll ever see a return on their investment in the platform. soon.

To be fair, Musk has repeatedly admitted that X needs more than one way to make money, which has led to the expansion of the X Premium (Twitter Blue) program and now the platform also has different tiered plans for those who want to see. their feed without ads, or pay more to get other features like a verified ID for their account and an Edit Post button.

He has also noted that advertisers are slowly returning to the platform and investing more money than before, but frankly, the company needs more than just an injection of cash to succeed, and Musk should be aware of the challenges he faces. to grow the platform, but also to take it to new heights.