MASTERFUL GAMBIT, SIR

Elon Musk’s X Is Now Worth $19B—a Cool $25B Less Than He Paid for It: Report

A year after the mogul paid $44 billion for the bird app, the company is worth a mere $19 billion.

X is worth $19 billion, down from the $44 billion that owner Elon Musk forked over last year to acquire the company when it was still known as Twitter, according to internal documents viewed by The New York Times. The firm’s few remaining employees were awarded equity in the company on Monday, reflecting the 55 percent drop in valuation from purchase price, according to the newspaper. The stock grants parceled out showed that the equity would be offered at $45 a share in the form of restricted stock units, which are subject to a schedule and have no tangible value until vested. The $19 billion figure was first reported earlier on Monday by Fortune. A X spokesperson did not return the Times’ request for comment.