Elon Musk, the CEO of Twitter, estimated the platform’s current value to be around $20 billion in an email to the company’s staff on Friday, a sharp decline from the $44 billion he paid to acquire the social network in October.
As read in The New York Times, Musk warned workers that Twitter remained in a precarious financial position, as it almost ran out of money at one point.
He claimed that the business needed to undergo “radical changes,” such as cost-cutting and mass layoffs, in order to stay afloat and run more efficiently.
“Twitter is being reshaped rapidly,” Musk wrote, considering that the company is now “an inverse start-up.”
Since Musk took Twitter private in October, he is no longer required to be transparent about its financial operations.
The Tesla and Space X CEO have been implementing radical changes in the platform, leading to its potential downfall.
Yet, some of the changes are proving to be somehow helpful for the company, such as making verification checkmarks a paid feature.
And as of April first, Musk will delete the verification tags for “legacy” accounts, which confirmed the identities of users like government officials, corporations, journalists, celebrities, and other high-profile Twitter users.
He declared that those wishing to keep their Blue mark should subscribe to Twitter Blue and pay a monthly subscription.
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