The valuation of X is only $19 billion, which has shrunk by 55% in one year after being acquired by Musk

On October 31st, internal documents revealed by US media showed that on Monday, X (formerly Twitter) issued stock rewards to employees, indicating that the company's current valuation is about $19 billion, a decrease of about 55% compared to Elon Musk's proposed $44 billion acquisition price a year ago.More than a year ago, Musk acquired Twitter for $54

On October 31st, internal documents revealed by US media showed that on Monday, X (formerly Twitter) issued stock rewards to employees, indicating that the company's current valuation is about $19 billion, a decrease of about 55% compared to Elon Musk's proposed $44 billion acquisition price a year ago.

More than a year ago, Musk acquired Twitter for $54.2 per share. Afterwards, he repeatedly stated that he paid an exorbitant price for this acquisition. In March of this year, Musk believed in an email to employees that the company was only worth $20 billion and referred to it as "a reverse startup company".

In the document granting new shares, X indicates that this portion of the equity will be provided to employees in the form of restricted stock awards, at $45 per share, which employees can gradually receive over time. The company also stated that employees can still exchange the previously issued shares granted by management at a price of $54.2 per share.

Although X may have changed the number of outstanding shares, it is currently unclear why the company's stock price did not show a decline in line with valuation. X's spokesperson did not respond to requests for comment.

During Musk's year in charge of X, he underwent a comprehensive reform of this social media platform. More than 80% of the company's 7500 employees either resign or are dismissed. He changed the validation process and content review rules for the service. Advertising remains X's main source of revenue, and this summer, the company's advertising revenue in the United States decreased by nearly 60%. In order to complete the acquisition, Musk also burdened X with billions of dollars in debt.

However, Musk remains optimistic about X's future. Last week, at a company meeting celebrating the first anniversary of the acquisition, Musk explained his reasons for believing that X can become a multifunctional application. He believes that the application has multiple functions, including dating services and recruitment.

Musk told employees, "We are rapidly transforming the company from the previous Twitter 1.0 to a versatile application. It is a fully functional application that allows you to do almost anything you want on our system

Linda Yaccarino, the CEO of X, also gave a morale boosting speech at the meeting, saying, "For those who have not yet seen our vision or the changes that X is undergoing, please don't waste time and ignore them