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- Elon Musk purchased Twitter in October, and is still deciding if the purchase was worth it.
- Musk told Fox News that it is "to be seen" whether his acquisition will prove financially viable, but "currently it's not."
- He said, "I paid at least two times as much for it as I should have."
Elon Musk has mixed feelings about his $44 billion purchase of Twitter in the past year.
Musk stated in an interview on Monday night's Fox News Channel program "Tucker Carlson Tonight" that "It is yet to be determined whether this was a financially wise move." It's not.
He continued by saying that the company was revalued at less than half of the purchase price. This appeared to confirm reports from previous years that the stock grants made to employees were based upon a valuation of $20 billion. "I paid at least twice what it should have cost."
He said, sarcastically, "I must really be a genius here. My timing is amazing," while referring to the exodus from Twitter of advertisers after his takeover. Media Matters, a research center, said that half of Twitter's top-100 advertisers had left the platform in Musk's 25 first days as CEO. The Wall Street Journal reported, that as advertisers left, Twitter's revenues and adjusted profits fell by 40% in December, compared with the same month of 2021.
Musk has said that maintaining the freedom of expression on Twitter is one of his top priorities. In the interview, he said that Twitter's monetary costs are "a secondary concern compared to the strength of democracy." Musk, who has described himself as an "absolutist of free speech," has fired employees that disagreed with him and has threatened to sue for critical coverage.
Musk stated in another interview that he wanted to build a TruthGPT. He describes it as "a maximum-truth-seeking AI which attempts to understand the nature and origin of the universe." This name appears to be a reference to ChatGPT – the popular AI chatbot created by OpenAI. Musk founded the company, but has since left.
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By: sjackson@insider.com (Sarah Jackson)
Title: Elon Musk says it ‘remains to be seen’ whether it made financial sense for him to buy Twitter
Sourced From: www.businessinsider.com/elon-musk-remains-to-be-seen-twitter-worth-the-money-2023-4
Published Date: Tue, 18 Apr 2023 02:46:04 +0000
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