Australia News
Forager Funds Management CIO Steve Johnson says he’s “torn” about Elon Musk’s AUD$61 billion takeover of Twitter.
“I think it is actually a fair price for the Twitter that you see in front of you today – this business is losing money; it has been losing money for a very long period of time,” he told Sky News business Editor Ross Greenwood.
“We paid $630 million in stock-based compensation to staff last year, and you look at Twitter, and it’s basically exactly the same product that it was 10 years ago.”
Mr Johnson said his company invested in Twitter in 2020 with a view that it was a “very, very, valuable asset” and that “the steps to be taken to create that value for shareholders were fairly straightforward and partially underway”.
“And to be frank, it’s been quite a frustrating two-year period on that front.”
Credit SKY NEWS