Elon Musk wrote in a company email on Friday that he values Twitter at about $20 billion, less than half what he paid for it. “Twitter is being reshaped rapidly,” Musk wrote in the email, referring to the company as an “inverse start up” and warning employees of more layoffs and budget cuts. Musk purchased Twitter for $44 billion in October following a back-and-forth legal battle after he tried to back out of the deal. In his email, Musk said employees will receive stock in X Corporation, the holding company he used to buy Twitter. He also told employees he thinks the company could be worth $250 billion in the future, despite its bumpy journey in the months since he took over.