Twitter’s net worth has decreased by over 50% since bought by Musk. Worth $44 billion five months ago, the app is now worth $20 million under Musk. 

The news was obtained from a company-wide email sent on Friday and later accessed by the New York Times. The email addressed employee stock grants and in it, Musk admitted that the company’s value since going private, in his estimation, is roughly $20 billion. 

At another point in the email, Musk said that at some period under his reign, Twitter has been four months away from running out of money, which sparked the need for mass layoffs and other cuts. 

Despite a shaky status, Musk also noted in his email that “I see a clear, but difficult, path to a >$250B valuation,” and that he now views Twitter as an “inverse start-up.”

The dip in valuation now sits Twitter’s net worth alongside that of Snapchat, yet even Snapchat averages over 100 million more daily users than Twitter.