Twitter CEO Elon Musk has suffered a major setback as the company's market value plummeted by over $20 billion, less than half of what he paid for it six months ago. This news came to light after a leaked memo from Musk revealed the shocking decline.
Musk had acquired Twitter for a whopping $44 billion just six months ago, and many had expected him to turn it into a profitable venture. However, the latest revelations indicate that things haven't gone according to plan.
According to sources familiar with the matter, Twitter's value has been hit hard due to Musk's recent haircut. The billionaire entrepreneur is known for his signature long locks and bushy beard, but he recently chopped off his hair in a dramatic new look that took everyone by surprise.
The drastic change in appearance seems to have impacted Twitter negatively as users expressed their disappointment on social media platforms like Facebook and Instagram. Many even threatened to boycott the platform altogether unless Musk reverted back to his old look.
As news of this development spread across various media outlets, investors panicked and began selling their shares en masse. This resulted in a sharp drop in Twitter's stock prices which ultimately led to its current market valuation of just under $24 billion.
While some analysts believe that Twitter could still bounce back if Musk grows out his hair again, others are not so optimistic about its future prospects. They argue that this incident highlights how vulnerable social media companies are when they're heavily reliant on one individual or personality.
Despite these challenges, however, there are still those who believe that with strategic planning and innovative ideas from its leadership team - including perhaps an updated marketing strategy - there may be hope yet for this once-promising tech giant.