Elon Musk, the CEO of Twitter Inc., has offered stock grants to the workers of the social media business valued at close to $20 billion, the Information reported on Saturday, citing a source familiar with an email Musk addressed to Twitter employees.
The reported valuation indicates a decline in Twitter’s value as it is less than half of the $44 billion that Musk paid to acquire the social media network.
A request for comment by reporters through email did not receive a response from Twitter.
According to Musk’s prediction made in December, Twitter will “approximately cash flow break-even” in 2023 as big advertisers cut their spending on the social media network following the billionaire’s acquisition.
