The post Here’s how much Elon Musk is down since Twitter purchase appeared on BitcoinEthereumNews.com.

Twelve months after Elon Musk purchased the social media platform Twitter, now rebranded as X, for $44 billion, the CEO of Tesla (NASDAQ: TSLA) is now down by 57% on his original purchase, taking into account the documents that show it is currently worth about $19 billion. Indeed, Musk paid $54.20 a share to buy the social media firm a year ago – in October 2022, and the stock grants handed out to employees on October 30 have shown that X was at the time worth $19 billion, according to the company’s internal documents seen by The New York Times. As the X profile behind the trading software provider TrendSpider pointed out, the tech billionaire was down 57% on his purchase in 12 months, adding that he “could have just bought AMC [NYSE: AMC] shares for the same return” in an X post published on October 30. Elon down -57% on his purchase in 12 months. Could have just bought $AMC shares for the same return — TrendSpider (@TrendSpider) October 30, 2023 In the meantime, since the Twitter purchase, Musk has said that he had overpaid for the social network and has told his workers in an email announcing a new stock compensation program that he believed the company was worth $20 billion, referring to it as “an inverse start-up.” As per the recent paperwork for the new stock grants, the company would offer the equity at $45 a share in the form of restricted stock units, which employees can earn over time. They would still receive $54.20 in cash for any outstanding shares granted by previous management. In September, Musk made headlines when he said that the business had lost 90% of its value and could be worth only $4 billion, blaming the bleak financial results on a Jewish-led…

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Filed under: News - @ October 31, 2023 10:10 am