Twitter CEO Elon Musk has offered employees of the social media company shares at a valuation of the social media platform at nearly $20 billion, The Information reported, citing a person familiar with an email sent by Musk to Twitter employees, Reuters reported.

That valuation is less than half of the $44 billion Musk paid to acquire the social media platform, indicating a decline in Twitter’s value.

Twitter did not immediately respond to an emailed request for comment from Reuters.

Musk said in December that Twitter would be close to breaking even in 2023 as major advertisers cut spending on the social media platform following the billionaire’s takeover.