X, the platform formerly known as Twitter, is worth less than half of what Elon Musk paid for it a year ago.

Restricted stock units awarded to employees value the company at $19 billion, or $45 a share, according to a person familiar with the matter. A year ago, Musk bought Twitter Inc. for $44 billion.

Since the takeover, most of Twitter’s staff was laid off or resigned. Musk renamed the company X, changed some of its content rules and has since lost more than half of its advertising revenue.

Read More: Elon Musk’s Year of Owning X Made a Mess of Twitter’s Business

Fortune earlier reported on the valuation, citing an internal memo.