X, formerly known as Twitter, is now valued at $19 billion, less than half of what Elon Musk paid for it a year ago. Musk's takeover of the company led to layoffs, resignations, and a loss of advertising revenue. X has struggled financially, accumulating $13 billion in debt and experiencing a 60% drop in sales. Musk's plan for the company is to shift towards paid subscriptions and generate revenue from features like shopping and payments. However, X has struggled to attract users to its premium service.