Twitter's value more than halved after Elon Musk buyout

Employees at X will be awarded stock and restricted stock in the company at $45 a share, according to Bloomberg. An internal X memo cited by Fortune valued the company at $19 billion, a more than 50% discount to the $44 billion Elon Musk paid to acquire the platform.

Since taking over, Elon Musk has laid off dozens of employees, renamed the company X, and added controversial regulations. In July, Musk said X's cash flow was still negative due to a 60% drop in advertising revenue and a heavy debt load from the acquisition.

Musk says X plans to compete with YouTube, LinkedIn

To solve the financial problem, Elon Musk has continuously launched paid subscription packages. But currently less than 1% of X users subscribe to the service monthly, meaning revenue is less than $ 120 million a year, according to Bloomberg estimates. In addition, bad actors have exploited the blue tick service package to scam, spread misinformation, and post offensive and racist posts. With most of the company's content moderation team fired, X is struggling to cope with the huge amount of fake news and bot accounts.

According to The Times , Musk remains optimistic about the company’s future. During a company meeting, he said X could become a multi-purpose app with a dating and job recruiting service. The American billionaire also revealed plans to turn X into an everything app, hoping to generate revenue from shopping and payment features. In October, the company rolled out voice and video calling features on X, and announced plans to launch its own news channel.

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