Elon Musk's X is reportedly pursuing a funding round that values the company at $44 billion.
Discussions with investors have not yet been concluded, and details of the potential round may change. Bloomberg reportedcite sources familiar with this issue.
A possible move was the first time Musk had raised X's money since he made the company private after the acquisition, and the value collapsed as the world's wealthiest man cleaned his home with the company.
In December, Fidelity Investments recently marked its stake in X 72% since the acquisition.
X's representatives did not immediately return a request for comment.
The controversial changes in X under Musk's leadership include loosening the layoffs and loosening content moderation rules that have turned off some users and encouraged advertisers to leave the country.
Musk has also rolled out a “premium” subscription service that includes checking his “Blue Checkmark” account and access to the “Grok” chatbot of his artificial intelligence startup Xai.
X has about $6 billion in stake in Xai. This is currently trying to raise funds at a $75 billion valuation. Musk's AI company competes directly with ChatGpt Maker Openai.
In signs that X's fate was on the rebound, the Morgan Stanley-led bank sold a massive debt that was linked to the acquisition of Musk last week.
Debt offloading was seen as an indicator of stable X's revenue.
Musk admitted in October 2022 that he was “obviously overpaid” to buy the social media platform.
He tried to temporarily retreat the acquisition, but it continued in the end after Twitter sued him to comply with the deal.
The possible $44 billion valuation appears as a Musk official feud with Openai's Sam Altman.
After Musk placed an unsolicited $97.4 billion bid last week to acquire Openai, Altman ironically claimed that he would buy the X for just $9.74 billion.
Musk had billed his Twitter deal as an “accelerator” for his plan to turn X into “all apps.” In January, he announced his payments to launch an online payment system called “X Money” later this year.
Musk's entire portfolio has skyrocketed since the presidential election as investors bet that close ties with the Trump administration would benefit his business empire.
Aside from owning the X, he leads Tesla and SpaceX.
He frequently appears in the White House with Trump, informally leading the efficiency of governments, tasked with reducing federal waste.
Overall, Musk's net worth currently accounts for nearly $400 billion, according to the Bloomberg Billionaire Index.
