Elon Musk recently tweeted that he believes Twitter’s value has fallen by more than half since he bought his stake in the social media platform. Musk’s tweet came after a report surfaced that Twitter CEO Jack Dorsey was stepping down from his position.
Twitter is worth less than half what I paid for it,” Musk tweeted on December 1st. Musk did not disclose the exact price he paid for his Twitter stake, but he did mention that he bought it several years ago.
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The tweet sparked a debate among Musk’s followers, with some agreeing with him and others pointing out that Twitter’s market capitalization had actually increased since Musk bought his stake. Twitter’s market cap currently stands at around $41 billion.
Musk has been a frequent user of Twitter and has used the platform to make several controversial statements in the past. He has also been known to move markets with his tweets, particularly in the case of cryptocurrencies.
Musk’s comments come as Twitter faces several challenges, including a decline in user growth and increased competition from other social media platforms like TikTok and Instagram. The platform has also faced criticism over its handling of misinformation and hate speech.
It remains to be seen how Musk’s comments will impact Twitter’s stock price or the platform’s overall value. However, it is clear that Musk’s influence extends far beyond the automotive and space industries and into the world of social media and technology.
