Elon Musk Admits Losing Over $20 Billion After Twitter Acquisition But Platform Is Changing

Twitter employees have apparently heard Elon Musk tell them that the firm, which he recently paid $44 billion to acquire, is now only worth $20 billion.

The New York Times reports that Musk informed Twitter staff via email on Friday night that the company is now valued at $20 billion. He stated that in order to prevent insolvency, "radical adjustments" were required.

Twitter is fast changing, Musk stated.

In an email describing the company's new equity compensation structure, Musk made the value assertion. Employees at Twitter will get equity in X Corporation, the holding company that the CEO of Tesla used to acquire Twitter. According to The Times, employees will receive stock awards at the $20 billion valuation.

Times reporters Kate Conger and Ryan Mac described their fruitless attempts to obtain Twitter and Elon Musk to comment on their reporting.

They stated that "Mr. Musk did not react to a request for comment and that Twitter's communications department responded to an email with a feces emoji."