X Is Now Worth 55% Less , Than What Elon Musk Paid for It.
Musk bought X, formerly Twitter, for $44 billion last year.
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Musk bought X, formerly Twitter, for $44 billion last year.
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Now, he thinks it's worth only $19 billion, The Verge reports.
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That valuation was revealed in internal documents awarding X employees company equity at $45 per share, or $19 billion.
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There was also a note stating that "the fair market value per share is determined by the Board of Directors based on a number of factors in a manner that complies with applicable tax rules.".
The Verge points out that Musk is the company's chair, as he has not yet established a formal board.
However, X might be worth even less than $19 billion.
One of the company's investors, Fidelity, thinks X is only worth about $15 billion to $16 billion, The Verge reports.
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One of the company's investors, Fidelity, thinks X is only worth about $15 billion to $16 billion, The Verge reports.
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That is 65% less than what Musk bought it for.
Fidelity invested over $300 million in Musk's takeover.
Fidelity invested over $300 million in Musk's takeover.
According to Axios, Musk has often admitted that he paid too much for the platform
