Stock grants at $20 billion valuation; 'inverse start-up'

From:: Elon Musk
Date:: March 24, 2023 (Sent Friday March 24, 2023 (some reports say March 25))
To:: Twitter employees

Excerpt. Only this much of the email has been made public.

Twitter is being reshaped rapidly [...] can be thought of as an inverse startup [...] I see a clear, but difficult, path to a >$250B valuation [...] liquid stock, but without the stock price chaos and lawsuit burdens of a public company

About this email

Announcing new equity grants, Musk tells staff the awards value Twitter at about $20 billion, less than half what he paid, says the company came close to running out of money, and describes a path to a $250 billion valuation with liquidity events every six months.

Notes

Email reviewed by The Information, Platformer, The Wall Street Journal and The New York Times; no outlet retrievable in this session printed the full text. Fragments are stitched from several reports and wording varies slightly between outlets ('inverse start-up' / 'inverse startup').

Where it came from

Leaked to press; attribution widely reported.

Twitter/X, company-wide memo. Tags: compensation, stock-grants, valuation, finances, x-corp

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