According to a leaked internal memo, Twitter’s value has significantly decreased since Elon Musk’s acquisition in November, dropping by more than half. Musk, in a memo to Twitter employees, estimated the company’s worth at around $20 billion, taking into account stock awards given to employees. The decision to write off 55% of the company’s value follows last year’s technology valuation collapse, which led to layoffs across several tech companies, including Twitter. When Musk initially agreed to purchase Twitter in April, he admitted to overpaying and even tried to back out of the deal, resulting in a lawsuit. Since taking over, Musk has let go of over half of Twitter’s workforce and faced challenges with declining advertiser interest. In other news, Musk has recently taken legal action against Github after portions of Twitter’s source code were leaked online. Twitter has demanded the removal of the leaked information and filed a subpoena against Github to uncover the source of the leak.
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