X is officially worth less than half of what Elon Musk paid for it

Everyone knew that Twitter wasn’t worth $44 billion when Elon Musk bought it a year ago. Now, we know what Musk himself thinks the company is worth today: $19 billion.

On Monday, employees at X were awarded equity in the company at a valuation of $19 billion, or $45 per share, according to internal documents seen by The Verge. That price is a 55 percent discount to Musk’s original purchase price, per the documents. They note that “the fair market value per share is determined by the Board of Directors based on a number of factors in a manner that complies with applicable tax rules.” (Musk has yet to create a formal board for X.)