Elon Musk offered Twitter employees stock grants at a valuation of roughly $20 billion, said a person familiar with an email Musk sent to staff, less than half what he paid to buy the company. 

As Musk has projected that Twitter will generate less than $3 billion in revenue this year, and taking into account the company’s $13 billion in debt, the $20 billion valuation implies a multiple of 11 times this year’s revenue to an implied enterprise value of $33 billion.