Twitter Inc CEO Elon Musk has reportedly offered the social-media company’s employees stock grants at a valuation of nearly $20 billion, according to the Information. This valuation is less than half of the $44 billion that Musk paid to acquire the social media platform, indicating a drop in Twitter’s value.

The Information’s report cites a person familiar with an email Musk sent to Twitter staff. Twitter has not yet responded to a request for comment from Reuters.

In December, Musk stated that Twitter is on track to be “roughly cash flow break-even” in 2023 as top advertisers reduced their spending on the social-media platform following the billionaire’s takeover.

Source: Reuters, The Information