This is the best summary I could come up with:

When Elon Musk bought the company one year ago this week, he paid about $44 billion for the microblogging platform, or $54.20 per share.

There are certainly many explanations as to why Twitter’s value has been halved, like how the platform has spent the last year killing global brand awareness, deplatforming journalists and aiding impersonation.

Depending on who is calculating a company’s valuation — a venture capitalist, a government auditor or an egotistical billionaire — the resulting number can vary drastically.

The company, which was taken private with Musk’s purchase, is now offering employees restricted stock units (RSUs) at a share price of $45.

“Since there’s no active liquid market for shares, the company can make an argument that common stock is worth less than the $44 billion price tag,” Haslett told TechCrunch.

“409A valuation sets the tax basis for stock options,” Alex Ross, founder and CEO of the plant care app Greg, told TechCrunch.

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