Social Media

X worth $19bn - half of what Elon Musk paid for Twitter

Musk’s purchase saddled the company with $13 billion in debt and led to a 60 per cent drop in sales

Elon Musk plans for X to shift away from advertising toward paid subscriptions. But so far the company has persuaded less than 1 per cent of users to sign up. Picture: Getty

X, the platform formerly known as Twitter, is worth less than half of what Elon Musk paid for it a year ago.

Restricted stock units awarded to employees value the company at $19 billion, or $45 (€42.30) a share, according to a person familiar with the matter. A year ago, Musk bought Twitter for $44 billion.

Since the takeover, most of Twitter’s staff was laid off or resigned. Musk renamed the company X, changed some ...