X, formerly Twitter, is now valued at $19 billion, based on the company's employee equity compensation plan. The privately-held company, owned by Elon Musk, is giving employees RSUs at a share price of $45 according to two sources familiar with the matter. The company previously offered employees stock in March at a $20 billion valuation.
Staff received an email on Monday regarding the equity grant agreements, according to a screenshot viewed by Fortune.
This new valuation comes a year after Musk purchased the platform for $44 billion, and recent reporting claims that the banks involved with financing the deal are still grappling with efforts to mitigate the adverse impact on their financial standings, expecting to lose roughly $2 billion, the Wall Street Journal reported. In July, Musk posted that X is "still negative cash flow" due to a "50% drop in advertising revenue plus heavy debt load."
This story is ongoing, check back later with updates.
