Snap generated real cash in the first quarter, for the first time, while growing revenue 66% to $770 million, beating Wall Street estimates of 60% growth and ending concerns about the company’s ability to stop burning cash. Snap’s “free cash flow”—cash from operations less capex—was $131 million in the quarter. The company had previously burned $5 million in the year-ago quarter. At the same...
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Musk Puts $20 Billion Value on Twitter
Elon Musk offered Twitter employees stock grants at a valuation of roughly $20 billion, said a person familiar with an email Musk sent to staff, less than half what he paid to buy the company. It was a concrete acknowledgment of how much Twitter’s value has dropped since the deal—but it is still well above public market valuation levels for Twitter’s rivals.
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