San Francisco, California- X has plummeted in value since Elon Musk bought the platform formerly known as Twitter a year ago, according to stark new reports.

In an allotment of shares to employees, X was valued at a total of $19 billion, both Fortune and Bloomberg reported on Monday. Musk paid around $44 billion for Twitter in October 2022.

Since then, Musk renamed it X and said he wants to build out the platform as an app with more functions, including financial services.

The social media network has been struggling since the takeover due to a significant drop in advertising revenue, amid the chaos unleashed by its new billionaire owner. Musk said several times that they are only about half as high as they once were.

Many companies are avoiding X as an advertising platform because they fear uncertainty amid the Tesla CEO's constant flip-flops, as well as a negative environment for their brands.

Musk is trying to fill the gap with subscription revenue. In addition, he took out loans of around $13 billion for the takeover, which are now weighing on X and which are racking up interest of around $1.2 billion per year.