Elon Musk’s social media platform, X (formerly Twitter), is worth less than half of what the tech billionaire bought it for in October last year, an internal memo has reportedly revealed.

According to an Oct. 30 report from Bloomberg, the internal memo and sources familiar with the matter said that restricted stock units recently paid to employees of the company were valued at $45 a share, which puts the company’s value at around $19 billion, less than half of the $44 billion that Musk paid for the company on Oct. 27, 2022.

Musk has made a series of controversial moves since taking over the platform, including rebranding it to X, changing many of its content rules and laying off…

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