Elon Musk bought Twitter in October and he’s still trying to decide if it was worth the money.
Elon Musk told Fox News that it “remains to be seen” if his acquisition was financially sound, but that it “is not currently.”
Elon Musk is on the fence about whether his $44 billion acquisition of Twitter last year was a good financial decision.
In an interview that aired Monday night on Fox News Channel’s “Tucker Carlson Tonight,” Musk said, “It remains to be seen whether this was financially smart.
“We revalued the company at less than half of the acquisition price,” he said, confirming previous reports that the stock grants to employees were based on a $20 billion valuation. “I bought it for at least twice as much as it should have been bought.”
“I must be a real genius here, my timing is amazing,” he said sarcastically, alluding to the exodus of advertisers from Twitter after its acquisition. Research center Media Matters said half of the platform’s top 100 advertisers moved in Musk’s first 25 days at the helm. The Wall Street Journal reported that as advertisers fled, both Twitter’s revenue and adjusted profits fell nearly 40% in December compared to the same month in 2021.
Elon Musk has often stated that one of his priorities for Twitter is to preserve freedom of expression. He said in the interview that the monetary cost of Twitter is “a secondary issue compared to ensuring the strength of democracy.” Although Musk has referred to himself as a “free speech absolutist,” he has fired employees who disagree with him and has threatened to sue over critical coverage.
Elon Musk said elsewhere in the interview that he wants to build something he calls TruthGPT, which he describes as “a maximal truth-seeking AI that seeks to understand the nature of the universe”. The name is an obvious reference to ChatGPT, the viral AI chatbot created by OpenAI. Musk cofounded the company but has since departed.