Social media platform X, formerly known as Twitter, has valued its equity at $19 billion, the company told employees, a year after Elon Musk acquired it in a $44 billion deal.

In an internal note sent to staffers on Monday, the company said it was awarding equity, or restricted stock units, to employees at $45 a share, according to two people familiar with the matter. Based on the employee equity plan, that gives it a valuation of around $19 billion, the document said.

The new valuation, first reported by Fortune, comes a year after Musk, the billionaire entrepreneur and Tesla chief executive, acquired the company for $44 billion, including $13 billion of debt, just before a tech stock sell-off.