X, the company formerly known as Twitter, handed out stock grants to employees on Monday that showed it was worth about $19 billion, down about 55 percent from the $44 billion that Elon Musk paid to buy the firm a year ago, according to internal documents seen by The New York Times.
In March, he wrote in an email to workers that he believed the company was worth $20 billion, calling it “an inverse start-up.”
Employees will still be paid in cash in the amount of $54.20 for any outstanding shares that were granted to them under previous management, the company said.
In his year of owning Twitter, Mr. Musk has overhauled the company and the social media platform.
Advertising, the company’s main source of revenue, was down in the United States by almost 60 percent this summer.
Last week, in a company meeting celebrating the first anniversary of the deal, he laid out how he believed X could serve as an all-purpose app with an array of features, including dating services and job recruiting, according to a recording obtained by The Times.
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