“That price is a 55 percent discount to Musk’s original purchase price, per the documents, which note that “the fair market value per share is determined by the Board of Directors based on a number of factors in a manner that complies with applicable tax rules.” (Musk is X’s chair and has yet to create a formal board.)”
Musk paid $44 billion and now prices X at $19 billion, or $45 a share. The board that set that number does not formally exist. Employees get RSUs that vest over four years and pay nothing until an IPO or a sale. X is handing out stock in a company with no board and no exit, valued by the man who overpaid for it.