502
Value of X has fallen 71% since purchase by Musk and name change from Twitter
(www.theguardian.com)
this post was submitted on 02 Jan 2024
502 points (97.2% liked)
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$12.5bn is still too high. When Musk bought it, maybe it was worth $8B, but since no one has figured out a way to make Twitter profitable, even that figure would be based mostly on equipment, branding, etc. Since Musk had bought it I say ita worth maybe $3B and will continue to drop.
There's no revenue and Musk has no ideas that hadn't already been tried.
From what I recall they did have some periods of profitability and weren't too far from it again. Then Musk saddled the company with debt payments that make profitability much more difficult (and then did all the dumb shit that destroyed revenue making profitability basically impossible).
They were close, but the company management felt they were not likely to have sustainable, predictable profits that would match what their investors wanted and they said that they really didn't have any ideas on how to bring in more revenue. When Musk offered them way too much money, it was a no brainer - take heaps of cash, walk away from a loser business, no more stress. That's why they were quick to sue him to force the deal through.
You have to consider that investors in Twitter wanted the company to become Apple, Netflix or Facebook, and that wasn't (isn't) going to happen.