Elon Musk's social media network, X, raised nearly $1 billion in new equity from investors in a deal that values the company at about $32 billion, according to Bloomberg, the same valuation as when Musk took it private in 2022.
Musk himself contributed to the fundraising, according to several of the people, who requested anonymity to discuss private information. One indicated that the company is considering using some of the proceeds to pay down its remaining debt. A representative for X did not respond to a request for comment.
After Musk bought Twitter and renamed it X, the company experienced a turbulent period marked by significant staff cuts and the departure of advertisers. At one point, Fidelity Investments discounted its stake in X by 79% compared to when Musk acquired it.
The Twitter acquisition was valued at approximately $44 billion, including at least $12.5 billion in debt. Musk frequently turns to private markets to secure support for several of his companies, including SpaceX, which completed a takeover bid valuing the startup at around $350 billion, and XAI, which is said to have solicited investors to raise new funding at a valuation of $75 billion.
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