Meanwhile, the company has been served with a string of lawsuits from vendors and property owners alleging that Twitter hasn't paid its bills. In February, Musk publicly claimed he saved Twitter from bankruptcy. Musk told employees he is aiming to do "liquidity events," where employees could sell their equity for cash "every six months, based on a third party valuation." He said that was modeled closely on how his rocket company SpaceX works, "which I think achieves the public company advantage of having a liquid stock, but without the stock price chaos and lawsuit burdens of a public company." The news site also provided more details on the stock offer to employees: Musk wrote, "I see a clear, but difficult path" to a future valuation of more than $250 billion, The Information article said. Musk's email told workers that Twitter "can be thought of as an inverse startup," apparently a reference to the large staff cuts, The Information reported. Musk's email reportedly said bankruptcy was averted because of the "radical changes" he implemented-like staff cuts that reduced the company headcount from about 7,500 to under 2,000. Musk "warned workers that Twitter remained in a precarious financial position and, at one point, had been four months away from running out of money," the article said. Musk also said in the email that he believed Twitter could someday be worth $250 billion," the NYT article said. Those awards will be granted under the $20 billion valuation. Musk's email about the new stock compensation program, Twitter employees will receive stock in X Corporation, the holding company he used to buy the company.
The New York Times reported that Musk provided the $20 billion figure in an email sent to staff on Friday to announce a new stock compensation program. Shoppers have shifted away from discretionary goods and instead are spending more on food, household essentials, travel and other services.Getty Images | NurPhoto reader comments 397 withĮlon Musk told Twitter employees that the company is now worth about $20 billion, less than half the amount he paid for it. More than half of Target’s merchandise is discretionary – clothing, home decor, electronics, toys, party supplies and other non-essentials.
They have made changes to their shopping patterns as a result. Shoppers, particularly Target’s primary shopping base of middle-income households, have been pinched by rising costs and inflation. Retail is just very out of favor right now, so all the stocks in the sector are overcorrecting.” It’s “general retail and consumer jitters. The culprit for all these stock drops is not clothing for LGBTQ consumers and allies, said Berna Barshay, a veteran research and investment analyst. (DLTR) and others all fell during that stretch. Since Target reported earnings on May 17, its stock dropped 19% through Thursday’s close.ĭuring that stretch the S&P 500 Retail Index (FL) has lost 40% since it reported earnings last month and Children’s Place Target said on May 24 that it was removing certain items that caused the most “volatile” reaction from opponents to protect its workers’ safety. The campaign became hostile, with violent threats levied against Target employees and instances of damaged products and displays in stores. Fueled by far-right personalities, including self-described “theocratic fascist” Matt Walsh, and on social media platforms, the anti-LGBTQ campaign spread misleading information about the Pride Month products and Target’s business practices. Target faced a homophobic campaign that went viral on social media over its annual Pride Month clothing collection. Fox News aired more than 2 hours of coverage on Target’s Pride Month displays from May 23 to May 30, according to Media Matters, a liberal media monitoring group. “Target shares hit three-year low as Pride backlash hits bottom line,” a Fox News headline said Friday. Right-wing outlets and personalities have repeatedly claimed that Target’s decline - the company snapped a nine-day losing streak Thursday, during which shares dropped to around a three-year low - was due to backlash over its Pride Month clothing. New York - If you follow right-wing media or Twitter, you may have seen a lot of coverage recently about Target’s stock price falling.īut the explanation for why it’s happening is dead wrong.
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