Elon Musk devalues Twitter to $20bn - did he forget a zero?

Elon Musk, the man who owns everything from Tesla to SpaceX, has apparently decided that Twitter is only worth $20 billion, less than half the $44 billion he paid just five months ago. In an email to employees, Musk outlined a new stock compensation program, valuing Twitter at $20 billion. That's still more than Snapchat and Pinterest, but they're publicly traded, unlike Twitter.

Musk even admitted that Twitter was in such dire financial straits that it was on the verge of bankruptcy, losing $3 billion a year, with only four months of money left. But, he's optimistic that with advertisers returning, the platform will break even in Q2. Musk has already trimmed the group's payroll from 7,500 to less than 2,000 employees. He believes there's a clear but difficult path to a $250 billion valuation, but let's not get ahead of ourselves. At least Twitter employees can now cash in their shares every six months.

Crypto Exchange Coinbase to Offer Inflation-Linked 'Flatcoins'

Coinbase, the cryptocurrency exchange, plans to develop inflation-linked "flatcoins" as one of its four main priorities for Base, a network for blockchain applications. The stablecoins will be designed to track the rate of inflation, providing users with stability in purchasing power and economic resiliency in the wake of global banking system turmoil caused by Silicon Valley Bank's recent collapse.

The hypothetical stablecoins will keep pace with inflation rates, rather than fiat currencies or precious metals. In a humorous statement, Coinbase said that with the recent challenges in the global banking system, flatcoins were more important than ever. The Federal Reserve has raised interest rates aggressively in response to inflation surging to four-decade highs caused by COVID-19 supply chain disruptions and Russia's invasion of Ukraine.

Alibaba Founder Jack Ma Returns to China After Year Abroad

Jack Ma, the billionaire founder of Alibaba and Ant Group, has returned to China after spending the past year abroad, according to reports. Ma's return follows a tumultuous year, during which he publicly criticized Chinese regulators, and Ant Group's planned $37 billion IPO was cancelled after the government stepped in.

Some reports suggest that the Chinese government has contacted Ma to ask him to return and help to showcase a more business-friendly image, although Ma is said to have declined and focused on researching agriculture technology instead. Ma has spent time abroad in Europe, Thailand, and Japan, where he reportedly spent three months learning about fish farms.

His return could be seen as a positive development by investors, although China's recent consolidation of economic policy-making power under President Xi Jinping has caused scepticism about the country's efforts to attract foreign capital.

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