As Banks Write Down X, Musk Offers Employee Stock Options

If the ship ’s go down , at least the employee all get a slice of the pie . AsX ( the platform formerly have a go at it as Twitter ) continues to devalue itselfwith decisions that are daunt off advertisers and pissing off users , owner Elon Musk is at least willing to offer some stock to company employee .

The XTC staff experience an email this morning indicating that they would be receiving qualified fund units , or RSUs , this morning as a share of their recompense , according to areportfrom Fortune Monday . Those pedigree shares will reportedly be equivalent to $ 45 and would put the company ’s valuation at $ 19 billion , less than half the $ 44 billion he give for the societal medium weapons platform last year .

Twitter did not immediately return Gizmodo ’s asking for more information on the new descent options .

Image: Michele Ursi (Shutterstock)

X has also received an updated valuation , or should we say devaluation , by Fidelity on Sunday , which isone of the banks that financed Musk ’s initial purchase . Fidelity wrote down its valuation of Musk ’s company an extra 8 % this September , with the bank reducing its evaluation a aggregate of 65 % over the anterior 11 months , Axiosreported . InMay , Fidelity gauge that X was worth 33 % of the initial $ 44 billion Musk ab initio paid for it . Things were take care up in the following calendar month when Fidelity grade up the company ’s economic value by 11 % inJulyand 8 % inAugust , only for things to go forward to crater in short thereafter .

X has clamber with gainfulness almost nonstop since Musk took over the political program last descent . Most conspicuously , advertizer have continued to distance themselves from the platformafter Musk ’s quest to produce a bastion of costless speech has letads for major companies race next to baffling content .

Elon MuskGizmodoTwitter , Inc. X ( Twitter )

ASKAP J1832-0911