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 for $44 billion.

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