Twitter's Valuation Plummets by 57% in One Year, Now Worth $19 Billion

Elon Musk's purchase of Twitter for $44 billion has been revealed to be overpriced, as the social network, now known as X, informed employees that their stock grants would be valued at $19 billion. Since Musk's acquisition, X has seen a decline in monthly active users by 15% and a drop in advertising revenue by 60%. Despite these challenges, Musk remains optimistic about X's future and aims to transform it into an all-encompassing app. Musk has implemented changes such as reducing headcount, altering the verification system, and testing a fee for posting to combat bots.