X has informed staff that the company is valued at approximately $19 billion, a year on from Elon Musk buying it for for $44 billion.
It shows the platform’s value is far below its acquisition price a year ago.
The company is offering stock grants to employees at $45 per share.
It represents a valuation about 55 percent lower than Musk’s $44 billion takeover in October 2022.
Read More: X Introduces Two Premium Tiers To Pump Revenue Through Subscription
In March, Musk had previously informed employees that they would receive stock awards based on a valuation of roughly $20 billion.
He has revamped X into what he described as a “global town square” and “an everything app”.
He said users can engage in various activities, including video streaming and banking on the platform.
This transformation involved a reduction in staff by approximately 80 percent, a relaxation of content moderation, and an overhaul of the verification system.
But the platform faced challenges on several fronts, according to third-party data.
Read More: X Removes The New York Times’ Verification Badge
Musk, however, remains optimistic about the platform’s future.
The company’s advertising business, which constitutes the bulk of its revenue, has struggled.
Many brands scaled back their presence on the platform due to concerns about Musk’s content moderation approach.
Musk noted in September that US advertising revenue was down by 60 percent, though he expressed hope for a gradual improvement.
In documents related to the stock program, X outlined its business strategy, emphasizing its aim to become the “de facto public town square.”
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It encourages healthy discourse, reduces spam and bot accounts, enhances offerings for advertisers, improves video and audio tools for content creators, and more.
Musk’s positive outlook for the firm was underscored in a March message to employees.
He mentioned the possibility of achieving a valuation exceeding $250 billion.
He also described Twitter’s rapid transformation as akin to an “inverse startup,” driven by the necessity to avert bankruptcy and ensure the platform’s financial stability.
