According to reports, the net worth of Twitter has depriciated to one third of what Elon Musk had once paid to take over the widely used social platform.
It further added that Musk has acknowledged he overpaid for Twitter, which he bought for $44 billion, including $33.5 billion in equity. More recently, he said Twitter is worth less than half what he paid for it, sources reveal.
However, an official statement from Twitter is yet awaited.
Recently, Joele Frank, a former public relations firm for Twitter, has filed a lawsuit against the social media giant, claiming that it has failed to settle outstanding invoices since Elon Musk’s $44 billion buyout. The lawsuit states that Twitter owes a total of $8,30,498 to the PR firm.
Eversince the takeover Twitter has been struggling to generate revenue. Twitter is now worth 33 per cent of what the billionaire purchased it for. With this estimation, Twitter is currently worth around $15 billion. Adding to its suffering is the long list of unpaid bills, for which the platform has been sued by several.
As per the lawsuit, Twitter’s bills range from around $40,000 to $140,000 and most of these services were provided last year.
Musk’s erratic decision making and challenges with content moderation and selling of Twitter Blue subscriptions has so far failed to take off.