Well, that’s awkward.

Elon Musk just offered stock grants to staff that value Twitter at $20 billion.

That means he’s placing the company’s valuation at less than half of what he paid, which was $44B.

In an email offering the stock grants, Musk told staff that the company had been through a period of radical but necessary change because it had been “about 4 months away from running out of money.” However, now Musk says, “the financial incentives of employees should align with the company.”

And said that he sees a “clear but difficult path” to a $250B valuation.

In the email, Musk also reportedly told employees they could sell their stock holdings for cash “every six months, based on a third party valuation” during “liquidity events.” It echoes a similar policy at SpaceX.