Trending News
Business Community Criticizes SBP for Keeping Interest Rate at 11.5%
Lahore-Faisalabad Train Service Suspended After Flood Damages Railway Bridge
Pakistani Passport Ranking Falls to 101st in 2026 as Global Mobility Gap Widens
Saud Shakeel Likely to Rejoin Pakistan Test Squad for West Indies Series
Pakistan’s Tallest Building, Burj Quaid, Breaks Ground in Karachi’s DHA

Business

BusinessEconomyNews
bywebdesk

Business Community Criticizes SBP for Keeping Interest Rate at 11.5%

BusinessEconomyNewsTechnology
bywebdesk

Pakistan to Honor Top Freelancers After They Generate $1.1 Billion in IT Exports During FY2025-26

BusinessEconomyNews
bywebdesk

JS Bank Complaint Leads to FIR Against Four Southland Flour Mill Partners Over Alleged Rs. 100 Million Loan Default

BusinessEconomyNews
bywebdesk

Gold Prices Continue to Fall in Pakistan as Global Market Weakness Pushes Rates Lower

Fake Pakistan Army Major Apprehended Smuggling 60kg of Weed in Nowshera

Fake Pakistan Army Major Apprehended Smuggling 60kg of Weed in Nowshera

Excise Taxation and Narcotics Control Mardan conducted an operation in Nowshera on Sunday and apprehended a fake Pakistan Army Major who was smuggling a large quantity of drugs. The accused, identified as Iqbal Ali, was caught in possession of 60kg of weed worth millions of rupees. The contraband was packed in five sacks and concealed in his green number plate vehicle with tinted glasses.

The excise police had set up a picket on the road after receiving a tip-off about drug smuggling. When the fake major spotted the police, he tried to flee and hit the excise police station’s mobile vehicle, causing significant damage. The police eventually caught up with him near the gate of PAF Academy Risalpur after a long chase.

During preliminary investigation, the imposter confessed to having smuggled drugs to Punjab on ten previous occasions. A case has been registered against the accused for drug smuggling, damaging government property, and defaming Pakistan Army. The excise police has handed over the accused and the recovered drugs to the concerned authorities for further legal proceedings.

This incident highlights the issue of drug smuggling and the use of disguises by criminals to evade detection. It is a reminder of the need for continued efforts to combat the drug trade and bring those involved in it to justice.

Enaam Ahmed Becomes First Karting World Champion of Pakistani Origin

Enaam Ahmed Becomes First Karting World Champion of Pakistani Origin

Enaam Ahmed, a young go-karting prodigy from Pakistan, has made history by becoming the first-ever karting world champion of Pakistani origin. Enaam’s accomplishments in the sport are noteworthy, as he has beaten the records set by highly popular and successful Formula One (F1) racing drivers such as Lewis Hamilton and Max Verstappen.

Enaam is also the first high-level Formula championship winner from Pakistan, having won the British Formula 3 championship and beating the record of 13 races in one season held by F1 legend Ayrton Senna.

Enaam has been a rising star in motorsport since the age of 14, winning five championships in one year, including the European Championship in go-karting. At 17, he became the British Formula 3 champion, becoming the most successful British Formula 3 driver and the most successful Pakistani heritage racing driver in motorsport history.

In an interview with Geo News, Enaam expressed his pride in beating the records of accomplished F1 legends such as Lewis Hamilton and Ayrton Senna, while wearing the Pakistani flag on his racewear. He also shared his plans for the future, stating his aim to finish the current season and race in the Indianapolis 500 next year, becoming the first Pakistani to do so. He then plans to set his sights on getting into Formula 1.

Enaam’s achievements in motorsport are a source of inspiration and pride for Pakistan, and his success serves as a reminder of the immense talent and potential that exists within the country.

Missing Karachi Girl Found “Married to Kidnapper”

Image: Pakistan Today

A teenage girl from Karachi who went missing from the city a month ago was recently found in Lahore. The girl’s family has also lodged an FIR and nominated Abdullah from Lahore as her kidnaper.

The 12-13 year-old-girl was missing from 13th February and raids were conducted in Peshawar and Lahore to find her. However, in a new turn of events, the police said that the missing girl is foud and is “married to the suspect.”

Sajid Amir Sadozai, SSP Korangi said that the girl married the suspect with her own “free consent”.

Last year, another girl, Dua Zehra, was missing from Karachi and was later found “married to a boy” in Lahore.

Government to Issue 1 Million Work Permit Visas

Sajid Hussain Turi, Minister for Overseas Pakistanis revealed that the government plans to send one million Pakistanis to different countries for employment opportunities.

Turi was invited to an exclusive interview at a private TV Channel where he said, “Saudi authorities will be visiting Pakistan soon to issue work permit visas and new agreements are being signed with 50 other countries, including Germany, Greece, and Romania.”

The Minister for Overseas Pakistanis also said that those who will.pass their technical training test will get their work visa for Saudi Arabia.

He also said that lately Japan has also issued work visas to skilled Pakistanis. Meanwhile South Korea also intends to call 10,000 skilled Pakistanis to their country.

Turi also mentioned that Pakistanis are also getting work visas for Germany and Romania.

How many people from Pakistan are likely to go on Hajj this year?

Image: PIA

Pakistan’s government is reportedly considering surrendering 40,000 seats out of the total 179,210 Hajj quota assigned to Pakistan by Saudi Arabia for this year’s Hajj due to a shortage of foreign exchange reserves. The decision was discussed during a meeting chaired by Finance Minister Ishaq Dar to review progress on the Hajj Scheme for the current year. The government is contemplating this proposal as Hajj expenses this year are expected to be over $270 million, which is significantly higher than earlier expectations of $90 million.

The government had introduced a scheme to pay Hajj expenses in US dollars to reduce reliance on the reserves held by the State Bank of Pakistan (SBP). However, the scheme failed to live up to expectations, and only 15% of the seats offered through this scheme have been availed so far. The government has already extended the last date for submission of Hajj applications under the sponsorship scheme to April 7 in a bid to attract more applicants.

Out of the total quota assigned to Pakistan, the government equally divided the quota between private Haj operators and the government’s scheme. However, contrary to the low interest in the sponsorship scheme, the government has received an overwhelming response for the regular scheme, receiving 72,869 applications against 44,190 seats.

One proposal put forth by the religious affairs ministry is to accommodate pilgrims who have applied for the regular scheme on the unutilized quota of the sponsorship scheme. However, this will only happen if the finance ministry covers the expenses in US dollars.

The Ministry of Religious Affairs and Interfaith Harmony and the Ministry of Finance are deliberating over options to resolve the situation and no final decision has been made yet. The shortage of foreign exchange reserves is not a new problem for Pakistan, and it has struggled to meet its import bills and debt repayments over the last few years.

In conclusion, the Pakistani government’s consideration of surrendering 40,000 seats out of its quota of 179,210 this year assigned by Saudi Arabia for Hajj due to foreign exchange shortage is a worrisome development. It remains to be seen what decision the government will make, but it is clear that it faces significant financial challenges in meeting its Hajj expenses.

Pakistan braces for heavy rain and hailstorms, PMD warns of potential damage

Pakistan braces for heavy rain and hailstorms, PMD warns of potential damage

The Pakistan Meteorological Department (PMD) has predicted that another westerly wave will enter western parts of the country on 2 April and is likely to intensify in upper parts on Monday, bringing with it rain-wind/thunderstorm, hailstorms, and isolated heavy falls. The weather system is expected to affect several regions of the country from 2-4 April.

According to the PMD, the Kashmir region, including Neelum valley, Muzaffarabad, Poonch, Hattian, Bagh, Haveli, Sudhanoti, Kotli, Bhimber, and Mirpur, as well as Gilgit-Baltistan’s Diamir, Astore, Ghizer, Skardu, Hunza, Gilgit, Ghanche, and Shigar, are likely to experience heavy rainfall and hailstorms during this period. Peshawar, Charsadda, Nowshera, Swabi, Mardan, Bajaur, Kurram, Waziristan, Kohat, Karak, Bannu, Dera Ismail Khan, Chitral, Dir, Swat, Mansehra, Buner, Kohistan, Shangla, Haripur, and Abbottabad are also expected to be affected.

Furthermore, Islamabad, Murree, Galliyat, Rawalpindi, Attock, Chakwal, Jhelum, Khushab, Mianwali, Sargodha, Gujranwala, Gujrat, Hafizabad, Mandi Bahauddin, Sialkot, Narowal, Lahore, Faisalabad, Toba Tek Singh, Jhang, Kasur, Sheikhupura, and Nankana Sahib are expected to receive rain-wind/thunderstorm and hailstorms during this period.

Northeast Balochistan, including Quetta, Zhob, Barkhan, Qila Saifullah, and Qillah Abdullah, and South Punjab, including Multan, D.G. Khan, Bahawalnagar, and Sahiwal, are expected to receive isolated rain-wind/thunderstorm on 2-3 April.

The PMD has warned that strong winds and hailstorms may cause damage to loose infrastructure and standing crops, particularly wheat crops, across the country. The potential for flash floods exists in several regions, including Swabi, Mardan, Peshawar, Mansehra, Abbottabad, Dir, Swat, Kohistan, Nowshera, Waziristan, Bajaur, Kurram, and Kashmir during the forecast period. The risk of landslides also exists in hilly areas of Khyber Pakhtunkhwa, Gilgit-Baltistan, Kashmir, Murree, and Galliyat during this period.

Tourists have been advised to exercise caution during this period, and the PMD has alerted all concerned authorities to take necessary measures to avoid any untoward situations.

In summary, Pakistan is bracing for heavy rainfall and hailstorms, which could potentially cause damage to crops and infrastructure. The PMD has issued warnings for several regions, and all concerned authorities have been advised to take necessary precautions to avoid any adverse effects during the forecast period.

Pakistan’s New Sports Policy to Promote Women’s and Transgender Sports

The Prime Minister of Pakistan has given the go-ahead for a new sports policy, which will be implemented from 2023 until 2027. This policy is aimed at reforming the sports sector by promoting transparency, inclusivity, and efficiency in sports administration to bring about positive changes.

According to sources, the newly approved policy states that the Pakistan Olympic Association (POA) will continue to have its independent status under the Olympic Charter. However, there will be a limit of two terms for POA officials, each lasting three years, and the age limit for officials contesting elections has been set at 70 years.

To ensure transparency in the election process of boards and associations, an independent election commission will be established for the national federations. A panel of adjudicators will also be available for dispute resolution by mutual consent. Furthermore, a National Sports Council will be formed to promote coordination with all stakeholders.

The responsibility of providing grants, infrastructure, and developing sports facilities will lie with the Pakistan Sports Board (PSB). Special attention will be given to promoting women’s and transgender sports to ensure their growth and development.

Overall, this new sports policy is a significant development in the sports sector in Pakistan, and it is expected to bring about positive changes in sports administration and promote the growth of various sports in the country.

IPL copies PSL’s trophy presenting style

IPL copies PSL's trophy presenting style

The 16th season of the Indian Premier League (IPL) began with a bang as it kicked off with a star-studded opening ceremony at the Narendra Modi Stadium in Ahmedabad.

The event was graced by popular singer Arijit Singh and actors Tamannaah Bhatia and Rashmika Mandanna, who delivered electrifying performances, setting the stage on fire. The IPL, known for its glamour and entertainment quotient, has always been a fan-favorite since its inception.

However, this year’s opening ceremony found itself mired in controversy as netizens accused IPL of copying the opening ceremony of the Pakistan Super League (PSL) 8.

Fans on Twitter were quick to note that IPL had used drone technology to display its trophy, which was first done during the PSL 8 opening ceremony at the Multan Cricket Stadium. While the IPL opening ceremony was well received by cricket fans in India, the PSL 8 opening ceremony was hailed by fans for its high-quality entertainment.

Also, see:

Lahore Qalandars are the Winner of PSL 2023: PSL 8

Desis Share Their Opinions About Joint Family and Divorce

PC: DesiBlitz

Seems like the desi twitter is all about controversial opinions when it comes to divorce and joint family system. Recently, an account asked a simple question, “What’s your hot take on desi culture that would have you in this position?” However, the quoted answers and those in the comment section were not so simple. In fact most of them are debatable and questions the overall desi culture in the subcontinent.

How true is that? Spend your money wisely.

https://twitter.com/chukklingducky/status/1641366964298993664?s=20

Who else agrees with this?

Isn’t this pure cruelty?

https://twitter.com/gayomarlic/status/1641373434897727490?s=20
https://twitter.com/ksj_tempest/status/1641373404673740800?s=20

Yes, please. Keep it simple.

Louder, queen .

Which of these opinions do you agree with?

Pakistani Government Halts Subsidized Flour Distribution by USC, Leaving Public in Disarray

The Utility Store Corporation (USC) has announced the discontinuation of subsidized flour packet distribution to the general public at the behest of the current government. According to a notification issued by the USC administration on Thursday, the distribution of subsidized flour sacks will be suspended for two days.

Previously, a 10kg flour bag could be purchased for Rs. 648 from trucks or utility stores. However, the Punjab government ceased the distribution of subsidized flour bags for more than two weeks and launched a free-of-charge flour campaign. While supplying free flour, the government increased the price of subsidized flour bags to Rs. 1150, causing distress among the public.

USC continued to provide subsidized flour at a fair price of Rs. 640 for a 10kg bag, providing some relief to the public. However, the government has now directed USC management to halt the distribution of subsidized flour bags to the public, leaving the people with little relief.

This move has been met with criticism as the people are already facing severe economic hardships, and the discontinuation of subsidized flour distribution will only exacerbate their plight. It is unclear why the government has ordered the cessation of subsidized flour distribution, but it is hoped that they will reconsider their decision and provide much-needed relief to the public.

In the meantime, USC has stated that it will continue to sell flour at market prices, and the discontinuation of subsidized flour distribution will only be temporary. The public, however, remains skeptical and is calling for urgent government intervention to address the issue.

Overall, this decision by the government has only added to the public’s frustration and has highlighted the need for long-term solutions to alleviate their economic struggles.

Also, see:

We Will Not Go To India, If Indian Team Does Not Come to Pakistan, Says Najam Sethi

PKR Experiences Intraday Losses Against USD Despite China’s Loan Rollover

During intraday trade today, the Pakistani rupee (PKR) experienced a reversal of gains against the US Dollar, leading to losses. The interbank rate of the rupee initially dropped by around Rs. 1, reaching 284.75 by 11 AM, and then later recovered back to the 283 level by 1:25 PM, where it remained. At the close of the market, the PKR had depreciated by 0.05 percent, closing at 283.79 after experiencing a loss of 13 paisas during intraday trade.

Despite Finance Minister Ishaq Dar confirming that China had rolled over a $2 billion loan to Pakistan for another year, the rupee still experienced losses today. Since January 2023, the rupee has decreased by almost Rs. 52. Today’s exchange rate movements indicate that the PKR has lost some ground, experiencing a drop of 13 paisas.

As of March 24th, the foreign currency reserves held by the State Bank of Pakistan (SBP) were recorded at $4.244 billion, which is down by $354 million compared to the figure of $4.599 billion recorded on March 17th. Money changers say that the market players’ loss of faith in the South Asian economy’s current yield-hunting framework, along with a lack of hope for the near-term business outlook, has led to today’s drop.

Additionally, political instability and the use of state institutions to derail elections have not been well received by investors. In today’s interbank currency market, the PKR was bearish against most of the other major currencies, experiencing losses against the Saudi Riyal (SAR), UAE Dirham (AED), Canadian Dollar (CAD), Pound Sterling (GBP), and Euro (EUR), but gaining three paisas against the Australian Dollar (AUD).

We Will Not Go To India, If Indian Team Does Not Come to Pakistan, Says Najam Sethi

PC: AFP

Najam Sethi, Chairman Pakistan Cricket Board (PCB) said on Thursday that Pakistani government may not allow them to visit India if the Indian Team does not come to Pakistan for playing World Cup.

Sethi was talking to the standing committee of senate where he mentioned that right now, PCB is not worried about financial losses as they have gathered enough money via Pakistan Super League.

He further said that they are also planning to launch PSL for women and have also received requests some requests from different groups to buy teams.

According to Sethi, many foreign players have also been invited for the exhibition matches of women in PSL. He also said that they are thinking to increase the number of teams in PSL.

India to Make Biopic of Ali Saleem, Mallika Sherawat to Play the Role

PC: Express Tribune

According to IANS, India plans on making a biopic on Pakistani TV celebrity, Ali Saleem. Saleem is a renowned Pakistani actor, host impressionist and scriptwriter who rose to fame with his mimicry of late Prime Minister Benazir Bhutto. They also became the talk of the town with their character Begum Nawazish Ali on TV screens.

For their biopic, CEO EORTV has announced to case Mallika Sherawat. He said, “This is a strong story, a story of boldness and courage. The character is multifaceted and needed someone as courageous and undaunted as the Begum thyself. I am planning to approach Mallika Sherawat for this role as she would be apt for a fearless performance like this.”

He went on saying that it’s crucial to make content on these people as it will encourage others to open up about their sexuality and preferences. He also appreciated Ali Saleem, especially his appearance in Big Boss 4. Pandey said, “Begum Nawazish Ali’s background and childhood is interesting but the journey he makes in due course of his life is even more interesting. He has interviewed the who’s who from business, politics, [and] entertainment with gusto. He has courted satire and controversy but managed to make a place in the hearts of the common man. His life will make for very compelling content on screen.”

Pakistani and Indian Foodies Fight Over the Origin of Chicken Manchurian

Believe it or not, Twitter fights are the best, especially when they are about food and Pakistan and India are involved in it. A debate started on the social media platform when a New York Times author called it a “stalwart of Pakistani Chinese cooking.”

The tweet was then blew up and foodies from both the countries jumped in to give their opinions. The original tweet said,

“A stalwart of Pakistani Chinese cooking, chicken Manchurian is immensely popular at Chinese restaurants across South Asia.”

Soon after the tweet was posted, we saw people blaming the Pakistani author for being biased.

https://twitter.com/_manishkapoor/status/1640303972467757056?t=tW0cxMc0aGAq3sg1iJqmbQ&s=19

Another user even named the “alleged chef” who introduced the cuisine. Wow.

How can a food debate go on without mentioning BIRYANI!!!

We also saw some people talking sense there!

Four Astronauts to Start Living on Mars from this June

The National Aeronautics and Space Administration (NASA) launched the mission CHAPEA (Crew Habitat for the Exploration of Mars Analogs) to start preparing human beinto live on the red planet

The NASA has designed three such analog missions to understand the requirements necessary to inhibit Mars.

The first analogue missi is already starting this year, while the second will be commenced ok 2025 and the last one in 2026.

This project requires four astronauts to live in a 3D printed simulation of Mars. The habitat in simulation will have dedicated areas for medical, fitness, and work along with a kitchen and private crew quarters. It will also have two bathrooms and a technical work area.

The team will be introduced to isolation, equipment failure, resources limitations and significant workloads.The crew will be trained to execute certain mission activities, including habitat maintenance, personal hygiene, simulated spacewalks, exercise, robotic operations, crop growth, personal hygiene, meal preparation and consumption, and other activities.

Raina MacLeod, CHAPEA deputy project manager said, “We’re really looking at how the crew performance and health changes based on realistic Mars restrictions and the lifestyle of the crew members. So, the lifestyle is what we’re trying to simulate by setting up a realistic environment and workload for the CHAPEA crew.”

FIFA Announces to Pay Clubs $355 Million for Sending Players to FIFA World Cups 2026 and 2030

PC: FIFA

FIFA has recently announced that it will pay clubs $355 millions for sending players to the World Cup 2026 and 2030. Earlier this compensation was $209 Million for the world cups 2018 and 2022.

The recent remuneration by FIFA has been increased by up to 70%. In this regard, a Memorandum of Understanding signed between the global soccer governing body and the European Club Association (ECA). On this occasion, Nasser Al Khelaifi, ECA Chairman said, “We are delighted to have signed this landmark agreement”

He added, “The MoU recognises the central role of clubs in football globally and ensures that they are properly represented in decision making around issues which affect them.“

“FIFA and ECA will also now establish closer working practices on a future new Club World Cup… and working together on future editions including on potential structures for managing the commercial rights going forward.“

FIFA president Gianni Infantino says that, “To have the new International Match Calendar endorsed by ECA provides the necessary balance between club and national team football,”

“We have exciting projects ahead, including the new FIFA Club World Cup in 2025 and the new FIFA women’s Club World Cup. A close collaboration with clubs in Europe, and the rest of the world, will be essential for the success of those events,” said Infantino.

For the First Time in History of Pakistan NCC Allows Publishing Religious Textbooks for Students Belonging to Minorities

PC: TCF

The National Curriculum Council (NCC) has given permission to publish religious textbooks for the students belonging to seven minority communities including Hinduism, Sikhism, Christianity, Bahai, Zoroastrianism, Kalasha and Buddhism. This is the first time in the country’s history that NCC is allowing publishing these books for the students of grade one to three in educational institutions operational under the federal government.

Maryam Chaghatai, Chief of NCC told the media that this will only be applied to the schools that come under the administrative control of the federal education ministry.

She said, “If any province wants, they can publish these books through their respective boards. We have also received a request in this regard. Punjab is interested in teaching religious textbooks to the students of the minority communities in their schools.”

According to the authorities, these books will initially be available in Urdu language only. Bahai textbook will be published from grade one to fifth, while Hinduism, Kalash, Zoroastrianism, Buddhism and Sikhism will be introduced from grade 1 to 3. Moreover, for Christian community, the textbooks will be available to students from grades 1 to 4.

LMCL increases prices of Kia cars, cites currency depreciation as likely reason

LMCL increases prices of Kia cars, cites currency depreciation as likely reason
Image: Kia

Lucky Motor Corporation Limited (LMCL) has increased the prices of all Kia cars except for the Sportage Alpha and Carnival. While the company hasn’t given any specific reason for the hike, it is likely due to currency depreciation.

What’s notable about this latest price hike is that it includes the Picanto, unlike the previous one. The new prices, effective April 1, are as follows:

  • Picanto Manual: Rs. 3,350,000 (up from Rs. 3,300,000)
  • Picanto Automatic: Rs. 3,625,000 (up from Rs. 3,550,000)
  • Stonic EX: Rs. 5,350,000 (up from Rs. 5,200,000)
  • Stonic EX+: Rs. 5,930,000 (up from Rs. 5,730,000)
  • Sportage FWD: Rs. 7,940,000 (up from Rs. 7,790,000)
  • Sportage AWD: Rs. 8,570,000 (up from Rs. 8,370,000)
  • Sorento FWD: Rs. 10,040,000 (up from Rs. 9,540,000)
  • Sorento AWD: Rs. 10,890,000 (up from Rs. 10,390,000)
  • Sorento V6: Rs. 10,890,000 (up from Rs. 10,390,000)

This latest price hike has resulted in some interesting changes to Kia’s car lineup. All Sorento models now cost over Rs. 10 million, while even Kia’s budget crossover SUV, the Stonic, now has a starting price of over Rs. 5 million.

Kia was the fastest-growing new car company in Pakistan between 2019 and 2022, but recent economic challenges have caused a significant shift in its trajectory. It remains to be seen whether the company will regain its momentum.

Twitter in Turmoil: Elon Musk’s Shocking $20 Billion Valuation Announcement

Twitter in Turmoil: Elon Musk's Shocking $20 Billion Valuation Announcement
Image: Twitter/Elon Musk

In a recent internal memo, Twitter CEO Elon Musk announced a valuation of approximately $20 billion for the social media company. This represents a significant decrease from Musk’s previous Twitter buyout payment, which had valued the company at $44 billion.

Musk also announced stock grants to employees in the same memo, with calculations based on the $20 billion valuation. This news came as a surprise to both Twitter employees and users, particularly given Musk’s recent statements that the company was on track to achieve cash flow break-even in 2023.

Despite this valuation decrease, Twitter has been able to improve its financial position by reducing costs and implementing new revenue streams. Shortly after Musk’s appointment as CEO, the company underwent a mass layoff that reduced its workforce by over 50%, and additional job cuts have occurred into 2023. These measures helped to eliminate unnecessary expenses, such as numerous offices that had been draining the company’s resources.

Musk also introduced new ways for Twitter to generate revenue, including a paid Twitter blue tick and the return of political advertising on the platform. However, Twitter has faced criticism for its lack of human moderators to manage its content regulation process. The European Union has called for Twitter to hire more moderators, but Musk has resisted this suggestion due to the associated cost increases. Instead, he aims to automate Twitter’s content regulation process.

An Internal Email Reveals Elon Musk Values Twitter at $20 Billion Only

PC: AFP

Elon Musk bought Twitter for a Whopping $44 billion just five months ago. However, recently an internal email has revealed that now the estimated value, according to Musk, is just $20 billion.

According to American news media, the email sent to employees mentioned about a new stock compensation program in the company and the attribution to employees of stock in X Holdings, Twitter’s umbrella company since Musk took over it in October.

The compensation plan estimated Twitter’s value at $20 billion, just a little more than that of Snapchat (standing at $18.2 billion) and Pinterest ($18.7 billion).

According to the details, Musk admitted shrinkage in Twitter’s value and even mentioned that there came a point when the social media platform was at the brink of bankruptcy.

Musk said, “Twitter was trending to lose ~$3B/year.” He further said that Twitter faced a revenue drop of $1.5 billion a year and was left with “only 4 months of money.”

Musk explained it as an “Extremely dire situation.” He also said that advertisers who left the platform few months ago have also started to return. He also said, “It looks like we will break even” in the second quarter.

Ever since Musk has taken over the platform, he has laid off a number of employees. He says he sees a “clear but difficult path” to a valuation of $250 billion.