Elon Musk bought Twitter last year after a long and messy legal battle. He bought the social media giant for $44 billion and has struggled to make a profit since. The billionaire went on a firing spree to cut costs, stopped paying rent, and even introduced new policies.
However, it appears that despite all these measures, the micro-blogging site is not able to make a profit. According to recent reports, Twitter is currently worth only around $20 million. This is significantly lesser than the amount he paid for the purchase. So let’s find out the details.
Related: Elon Musk Blocks God Account On Twitter
Elon Musk’s Twitter Is Not Making Profit
Elon Musk bought Twitter last year for $44 billion. Since then, he has fired nearly half of the company’s workforce and has stopped paying rent for its office space across the globe.
However, it’s clear that the social media giant is not making the profit he wanted it to make. According to The New York Times, the company is currently priced at $20 million. This information was revealed in an email Musk sent to the company’s employees.
In the mail, Musk talked about the financial difficulties the company has faced since his acquisition. So much so, that it was on the verge of bankruptcy at one point. “Twitter was trending to lose $3B/year,” Musk said in a message. He said that a revenue drop of $1.5 billion per year and a debt burden of the same price is leaving the company with “only 4 months of money.”
In case you missed: Elon Musk Shares A Ben Affleck Meme To Depict ChatGPTs Condition
Twitter To End “Legacy” Verified Badges On The Platform
In an effort to generate profit, Musk announced that the platform will charge fees from individuals and organizations for the blue tick verified badge. Known as Twitter Blue, the policy was first introduced last year. However, it quickly backfired and had to be stalled.
After an overhaul, the company will roll out the feature in April and will remove the legacy verified badges. These accounts were given the badge before the billionaire bought the company.
Users will have to pay $8 a month through the website and $11 a month through the in-app payment on iOS and Android to retain the badge. Twitter has introduced a gold check mark for companies/organizations and a grey check mark for government organizations.
You might also like to read: Elon Musk Sets Automated Poop Emoji Response For All Twitter Press Queries
