X Corp. told employees that it is worth approximately $19 billion, showing the value of Elon Musk’s social-media platform remains far below its acquisition price a year ago as Musk has rolled out a raft of changes.

X is granting employees stock grants at a price of $45 a share, which translates to a company valuation about 55% below the price of Musk’s $44 billion takeover in October 2022, according to an internal document reviewed by The Wall Street Journal. In March, Musk told employees they would receive stock awards based on a roughly $20 billion valuation.