Elon Musk reportedly values Twitter at $20 billion, a significant drop from the $44 billion he paid to acquire the company last year.

According to an email seen by The Information and The New York Times, Musk shared the valuation with Twitter employees in a memo announcing a new stock compensation program. Musk sees a “clear but difficult path” to a hypothetical $250 billion valuation, a move that would make current stock grants worth 10 times as much in the future.

The new program would allow Twitter employees to sell stock every six months, giving them “liquid stock” while shielding them from the “price chaos” that comes with equity at a publicly traded company. It’s worth noting that the estimate likely reflects the difficulties Twitter has faced as a direct result of Musk’s decisions.

The company’s daily revenue was reportedly down 40% from a year ago, with over 500 of its top advertising partners pausing spending on the platform, and only about 180,000 Twitter Blue subscribers in the US as of February.

At $20 billion, Twitter would be worth more than Snapchat creator Snap, a company with nearly 140 million more daily active users.