Elon Musk said that Twitter is currently worth $20 billion.

 Elon Musk said that Twitter is 
currently worth $20 billion.

25 March (Reuters) 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 from Reuters through email did not receive a prompt 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.

As a result, Twitter has lost some of its most significant advertisers. According to a recent Vox report, more than half of the top 1,000 advertisers on Twitter before Musk's acquisition no longer display ads on the platform. The company's mountain of debt and several unpaid invoices that are purportedly owing to landlords, an advising agency, a private jet company, and many others have been left unresolved as a result, which is evident evidence that it hasn't improved the situation. Also, Fidelity decreased their investment in the business from $53.47 million to $23.46 million last year, despite a 40% year-over-year decline in Twitter's revenue in December.

Due to the flurry of "essential" improvements he made to Twitter to prevent its insolvency, Musk is also said to have written that he sees the network as a "inverse startup." The difficulties that arose as a result of some of these radical changes, such as the new Blue with verification subscription that sparked a wave of phoney accounts and a "general amnesty" policy that allowed some of Twitter's worst users to return, are likely reflected in the new $20 billion estimate. Due to the flurry of "essential" improvements he made to Twitter to prevent its insolvency, Musk is also said to have written that he sees the network as a "inverse startup."

The difficulties that arose as a result of some of these radical changes, such as the new Blue with verification subscription that sparked a wave of phoney accounts and a "general amnesty" policy that allowed some of Twitter's worst users to return, are likely reflected in the new $20 billion estimate.