X, formerly Twitter, is now valued at $19 billion, per Fortune.

This down about 55% 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.

Musk paid $54.20 a share to buy Twitter just over a year ago.

X said the equity would be offered at $45 a share in the form of restricted stock units, which employees can earn over time.

“We’re rapidly transforming the company from sort of what it was, Twitter 1.0, to the everything app with an all-inclusive feature app where you can basically do anything you want on our system,” Musk told employees.

Linda Yaccarino, X’s chief executive, said: “For people that don’t see our vision yet, people that don’t see what’s happening here at X, stop giving any of that oxygen,” she said. “Don’t pay attention to it.”