After acquiring social media platform Twitter last year for $44 billion in the world’s largest impulse buy, Elon Musk exhibited the kind of business sense admired by Trump-loving Republicans as he announced Friday the company was only worth $20 billion.
In a company email obtained by the New York Times, Musk told employees the massive layoffs he implemented when he took over the company was needed to stave off bankruptcy. “Twitter is being reshaped rapidly,” Musk said, calling the company a “reverse startup.” Musk also introduced a new employee stock program in the ominously named X Corporation, the business entity Musk set up to buy Twitter, reportedly using money borrowed from Saudi interests and others.