Twelve months after Elon Musk purchased the social media platform Twitter, now rebranded as X, for $44 billion, the CEO of Tesla (NASDAQ: TSLA) is now down by 57% on his original purchase, taking into account the documents that show it is currently worth about $19 billion.
Indeed, Musk paid $54.20 a share to buy the social media firm a year ago – in October 2022, and the stock grants handed out to employees on October 30 have shown that X was at the time worth $19 billion, according to the company’s internal documents seen by The New York Times.
As the X profile behind the trading software provider TrendSpider pointed out, the tech billionaire was down 57% on his purchase in 12 months, adding that he “could have just bought AMC [NYSE: AMC] shares for the same return” in an X post published on October 30.
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In the meantime, since the Twitter purchase, Musk has said that he had overpaid for the social network and has told his workers in an email announcing a new stock compensation program that he believed the company was worth $20 billion, referring to it as “an inverse start-up.”
As per the recent paperwork for the new stock grants, the company would offer the equity at $45 a share in the form of restricted stock units, which employees can earn over time. They would still receive $54.20 in cash for any outstanding shares granted by previous management.
In September, Musk made headlines when he said that the business had lost 90% of its value and could be worth only $4 billion, blaming the bleak financial results on a Jewish-led civil rights organization, the Anti-Defamation Leagues that had strongly objected to the far-right anti-Semitic posts permitted on the platform.
AMC stock price analysis
Meanwhile, the AMC Entertainment stock is trading at the price of $9.96, up 8.85% on the day, gaining 7.21% across the past week, and adding up to the monthly advance of 22.21% but losing 80.79% over the year, according to the most recent data retrieved by Finbold on October 31.
All in all, if Musk had bought AMC instead of the social media platform, his losses would have been close to those incurred after his Twitter/X purchase, considering that the total shareholder return of the movie theater chain is down 46.42% for the current fiscal year, as the latest information suggests.
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