It’s been a year since Elon Musk acquired Twitter for $44 billion. Now he’s announced the company’s new value, and it’s $19 billion, down 55 percent.

According to internal documents seen by The Verge, on Monday, X’s employees received $19 billion, or $45 per share, in the company.

At the time of buying the company, the stock was worth $54.20. Elon Musk later stated that he had overpaid for the social network.

After Musk took over Twitter, he said he wanted to model the company’s compensation plan along the lines of SpaceX. It allows employees to regularly transfer part of their shares to external investors.

Recall that Musk said on September 18 that in order to fight “large armies of bots” on the platform, it will be necessary to pay for a subscription to X.