Mumbai, October 31: Elon Musk bought Twitter on October 2022, almost a year ago, for $44 billion, and now the platform is valued at $19. After purchasing the Twitter app, Musk changed its name to "X Corp" in July and said to make it an "everything app". Elon Musk's X has introduced new features like editing posts, posting longer posts, longer video uploads, and many others. 

According to a Mirror (UK) report, the X Corp is giving employees Restricted Stock Units (RSUs) at a share price of $45. The report further said that the company had offered stock to its employees with a $20 billion valuation. It further states that the staff believed to have received an email on October 30 regarding the equity grant agreements in screenshots. Apple 14-Inch MacBook Pro, Apple 16-Inch MacBook Pro Launched Today During 'Apple Scary Fast Event': From Specifications To Price and Availability, Here's Everything To Know.

Challenges Faced By Elon Musk's X: 

The Mirror UK report further informs that there were many challenges faced by X since Elon Musk took over the control. The report says that up to X had an 80% employee turnover rate and billions of debt, among other challenges. X underwent other challenges, such as changing its verification and content-moderation rules, resulting in up to 60% loss in US advertising revenue, according to the report.

While X was going through these challenges, it responded to compensate its employees by distributing new stock grants from RSUs with $45 per share. The Mirror UK report further says that the platform also pledges cash payments of $54.20 each for outstanding shares from previous company management. Apple Employee Receives Special Gift by CEO Tim Cook on Completion of 10 Years in Tech Giant, Unboxing Video of Unique Product Goes Viral.

Elon Musk's Approach Towards Declining Valuation of X:

Even after these challenges, Elon Musk remained positive towards his goal of X's future. He still wishes to make X an "everything app" and keep introducing new features. Elon Musk, according to the report, outlined his vision for X on the first anniversary of the buyout. He wishes to introduce multifaceted services to the app and transform it from the previous "Twitter 1.0". The X CEO Linda Yaccarino also supports the vision of Elon Musk by ignoring the critics and motivating the employees towards the future of X. 

(The above story first appeared on LatestLY on Oct 31, 2023 10:58 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).