According to internal documents seen by The Verge, X employees were awarded equity in the company on Monday at a value of $19 billion, equivalent to $45 per share. This valuation signifies a 55% decrease from Musk’s initial acquisition cost.

The documents indicate that “the fair market value per share is determined by the Board of Directors based on a number of factors in a manner that complies with applicable tax rules.”

Musk currently serves as X‘s chairman, but he has not established a formal board of directors, despite a year having passed since his acquisition.

Since Elon Musk took charge of Twitter, he has conveyed his intention to reconfigure the company’s compensation strategy to mirror SpaceX’s approach. Even though SpaceX is privately owned, it permits its employees to periodically transform a portion of their shares into cash by selling them to outside investors.

X employees receive a type of equity known as “restricted stock units,” or RSUs. These RSUs accumulate over a span of four years from the time of their initial allocation. Internal documents stipulate that they become liable for taxation as income when a “liquidity event” takes place, such as an IPO or the company’s sale.

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So far, X’s employees are uncertain about the company’s worth after Elon Musk‘s takeover. The recent revelation of stock award details has addressed this lingering uncertainty. Nonetheless, there are indications that Musk’s valuation might still be excessively optimistic, given that one of his major investors, Fidelity, asserts that X is valued at 65% less than its acquisition cost.