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.
Twitter 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 an effort to generate profit, Musk announced that the platform will charge fees from individuals and organizations for the blue tick verified badge.
The company will end all the legacy verified badges from April and those who pay, will only be able to retain it.