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.
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.