Social media platform X, formerly known as Twitter, is now valued at $19bn, the company told employees, marking a steep drop from the $44bn price that Elon Musk paid when he bought it just over a year ago.
In an internal note sent to staffers on Monday, the company said it was awarding equity, or restricted stock units, to employees at $45 a share, according to two people familiar with the matter. Based on the employee equity plan, that gives it a valuation of $19bn, the document said.
The new valuation, first reported by Fortune, comes a year after Musk, the billionaire entrepreneur and Tesla chief executive, acquired the company in October 2022, agreeing to pay $54.20 a share just before a tech stock sell-off.
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