X says it is worth $19 billion, down from $44 billion last year

X, the company formerly known as Twitter, handed out stock grants to employees on Monday that showed it was worth about $19 billion, down about 55 percent 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.

Mr. Musk paid $54.20 a share to buy Twitter just over a year ago. The tech billionaire 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.”

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