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X, formerly Twitter, is now valued at $19 billion, based on the company’s employee equity compensation plan. The privately-held company, owned by Elon Musk, is giving employees RSUs at a share price of $45 according to two sources familiar with the matter.
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Elon Musk has since said he overpaid for the social network. In March, he wrote in an email to workers that he believed the company was worth $20 billion, calling it “an inverse start-up.”
Why it matters
In his year of owning Twitter, Mr. Musk has overhauled the company and the social media platform. More than 80% of its 7,500 employees have either quit or been laid off. He has changed the service’s verification process, as well as content-moderation rules. Advertising, the company’s main source of revenue, was down in the United States by almost 60% this summer.
