Billionaire and CEO Elon Musk revealed earlier this month to employees that he values the social media company at less than half of what he bought it for back in October 2022.
In an email to employees, Musk reportedly said that he valued the company at roughly $20 billion despite purchasing the company for $44 billion, as reported by Fox Business.
The email to employees was in regard to offering stock grants to employees and noted that he is attempting to make radical changes to the company in order to make the company into “an inverse startup.”
“I see a clear, but difficult, path to a >$250B valuation,” Musk wrote in the email in regard to the future growth of his company, as reported by the Wall Street Journal.
Given Musk’s initial evaluation of around $20 billion, employees who invest in the stock grants would get 10 times their investment if the CEO’s thoughts on an eventual $250 billion evaluation come to fruition.
Musk’s evaluation comes after he made drastic changes to the company over the past months including insisting that employees return to the office.
As reported by the DC Enquirer, Musk reportedly sent a 2:30 a.m. memo to employees Wednesday morning insisting that “office is not optional.”
Musk has been known to work long hours and has called upon his employees to follow suit.
Musk created a “hardcore” culture following his takeover as he let go over 50% of the staff while demanding that all remaining employees work in the office for long hours, according to Newsmax.
Musk’s hardcore culture could eventually set the company at a $250 billion evaluation, however, it would likely take years to reach such levels. With the billionaire at the helm, however, the company is set to perform well in the coming years.
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