The value of Twitter is likely worth less than half the US$44 billion entrepreneur Elon Musk paid for it just six months ago.
A memo from the billionaire to staff about share options indicated the company was now worth $US20 billion, according to reports from the US.
Big advertisers and global media agencies have been cautious about advertising on the social media platform, watching to see the impact of Musk’s control.
Twitter has cut staff globally, slicing the 7,500 staff numbers by half, including many in Australia.
In Australia, Standard Media Index numbers show media agency spend on Twitter fell almost by half (48%) in the December quarter. Must bought Twitter in October 2022.
Insiders say that means the local Twitter business is now smaller than Meta, TikTok, Pinterest, Snap or LinkedIn.
Across the full year Twitter’s total ad spend was up 2.6%, but that was due to a strong first half when the Australian team grew revenues by 33%.
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