Elon Musk, the chief executive officer of Twitter Inc, has offered the social media company’s employees stock grants valued at nearly $20 billion, the Information reported on Saturday, citing a person with knowledge of an email Musk sent to Twitter employees.
The reported valuation is less than half of the $44 billion that Musk paid to acquire Twitter, indicating a decline in the social media platform’s value.
Twitter did not immediately respond to an email request for comment from Reuters.
Musk stated in December that Twitter is on track to reach “roughly cash flow break-even” in 2023, despite the fact that major advertisers have reduced their spending on the social media platform since the billionaire’s acquisition.