X has lost more than half its value since Elon Musk bought it last year

X, formerly known arsenic Twitter, has seen its worth autumn importantly since Elon Musk bought it for $44 cardinal a twelvemonth ago.

According to an Oct. 30 report from The Verge that cited interior documents, X employees were precocious granted institution equity worthy $45 per stock with the institution valued astatine $19 cardinal — 55% little than it was astatine the clip of its acquisition.

When Twitter’s banal (TWTR) was delisted connected Nov. 8, 2022, its worth was lone somewhat higher astatine $53.70 per share. Musk reportedly paid $54.20 per stock weeks earlier erstwhile his buyout was finalized. But though those shares were priced lone somewhat higher than they are now, Musk reportedly paid $44 cardinal wide to acquisition the company.

Current documents reportedly authorities that the just marketplace worth per stock is determined by the committee of directors based connected aggregate factors successful compliance with taxation rules. The Verge noted that Musk has not yet formally established a committee of directors for X aft disbanding Twitter’s existing committee of directors arsenic 1 of his archetypal actions.

Other reports corroborate the company’s diminution successful value. Fortune obtained the same $19 cardinal estimation from 2 sources acquainted with the matter.

Estimates from Fidelity, meanwhile, suggest that X whitethorn beryllium worthy arsenic small arsenic 65% of its worth past October. That would spot X’s worth betwixt $15 cardinal and $16 billion.

Musk wants X to beryllium an “everything app”

Despite X’s seemingly reduced valuation, Musk has expansive plans for the platform. During an interior telephone connected Oct. 26, 2023, Musk described his extremity of turning the societal media level into a broad level susceptible of handling everything from payments to securities investments arsenic good arsenic non-financial tasks similar occupation recruiting and dating.

He did not authorities whether those plans see cryptocurrency transactions, though the level already supports Bitcoin (BTC) tipping and NFT illustration pictures.

The station X has mislaid much than fractional its worth since Elon Musk bought it past year appeared archetypal connected CryptoSlate.