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Twitter may now be worth one-third of what Elon Musk paid for the social media platform just seven months ago.
Musk took control of Twitter in October, after a protracted legal battle and months of uncertainty. The CEO of Tesla, who also owns SpaceX, bought Twitter for $44 billion.
The billionaire financed the purchase with funds including loans from a group of banks. Musk has said the $44 billion price tag for Twitter was too high but that the company had great potential.
By April Musk was telling the BBC that running Twitter has been “ quite painful ” but that the social media company is now roughly breaking even after he acquired it late last year. Musk predicted at the time that Twitter could become “cash flow positive” in the current quarter “if current trends continue.”