According to internal records obtained by The New York Times, X, the company once known as Twitter, gave stock awards to employees on Monday that showed it was valued around $19 billion,
down roughly 55 percent from the $44 billion Elon Musk paid to buy the corporation a year ago.
Mr. Musk paid $54.20 per share for Twitter a little more than a year ago. Since then, the tech billionaire has admitted that he overpaid for the social network.
In March, he told employees in an email that he thought the company was worth $20 billion, referring to it as "an inverse start-up."
X stated in the documentation for the new stock grants that the equity would be provided at $45 per share in the form of restricted stock units that employees might earn over time.
Employees will still be paid $54.20 in cash for any remaining shares issued to them under former management, according to the corporation.
It's unclear why the share price hasn't fallen by the same percentage as the company's valuation,
although X might have changed the number of shares outstanding. The valuation was previously published by Fortune.