Feb 19 (Reuters) - Elon Musk's X social media platform is in talks to raise money from investors at a $44 billion valuation, Bloomberg News reported on Wednesday, citing people familiar with the matter.
Musk bought X, formerly Twitter, for the same price in 2022, but some investors including Fidelity Investments have sharply written down the value of their stake as the platform struggled to retain advertisers after the takeover.
X did not respond to a Reuters request for comment. The reported talks come as valuations of Musk's other companies soared after the victory of Donald Trump in the U.S. presidential race.
Tesla shares have surged more than 40% since Trump's victory, while SpaceX was valued at $350 billion in December. Musk's AI startup, xAI, is also in talks to raise $10 billion at a $75 billion valuation, up from $40 billion, according to reports.
Musk's close ties with Trump and return of some advertisers to X have lifted expectations of better finances at the platform. That has helped banks offload the debt they issued to support Musk's Twitter buyout, a source told Reuters earlier this month.
Banks, led by Morgan Stanley, sold another chunky portion of loans that formed the $13 billion debt supporting Musk's acquisition, as the deal found broad interest from large fund managers attracted by the prospect of improving revenue of X.
Talks for the new X financing round were still on and the details could change, the Bloomberg News report said, adding that this would be the first known investment round for the social media company since Musk took it private.
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Billionaire Elon Musk filed a motion on Thursday seeking to dismiss a civil lawsuit brought by the U.S. Securities and Exchange Commission (SEC), which accused him of waiting too long in 2022 to disclose a significant stake in social media platform Twitter, later renamed X.
UN Secretary-General António Guterres has extended warm wishes to Muslims around the world celebrating Eid al-Adha, calling for unity, compassion, and solidarity in a time marked by global conflict and division.
Pakistan has restored access to X months after imposing a ban following its controversial February 2024 general elections, despite earlier claims that the platform posed a national security threat.
Elon Musk’s xAI has acquired his social media platform X in a $33 billion all-stock deal.
At least 69 people have died and almost 150 injured following a powerful 6.9-magnitude earthquake off the coast of Cebu City in the central Visayas region of the Philippines, officials said, making it one of the country’s deadliest disasters this year.
A tsunami threat was issued in Chile after a magnitude 7.8 earthquake struck the Drake Passage on Friday. The epicenter was located 135 miles south of Puerto Williams on the north coast of Navarino Island.
The war in Ukraine has reached a strategic impasse, and it seems that the conflict will not be solved by military means. This creates a path toward one of two alternatives: either a “frozen” phase that can last indefinitely or a quest for a durable political regulation.
A shooting in Nice, southeastern France, left two people dead and five injured on Friday, authorities said.
Snapchat will start charging users who store more than 5GB of photos and videos in its Memories feature, prompting backlash from long-time users.
Nokia chief executive Justin Hotard said artificial intelligence is fuelling a structural growth cycle similar to the internet expansion of the 1990s, but rejected fears that investor enthusiasm has reached unsustainable levels.
NASA has announced that it will reopen bidding for its flagship U.S. moon landing contract, citing mounting delays in Elon Musk’s SpaceX Starship lunar lander project.
China has accused the United States of stealing sensitive data and infiltrating its National Time Service Centre, warning that such breaches could have disrupted communications, financial systems, power supplies, and the international standard time network.
Chinese tech giants, including Alibaba-backed Ant Group (688688.SS) and e-commerce company JD.com have halted plans to issue stablecoins in Hong Kong after the government raised concerns about the increasing influence of privately controlled currencies, the Financial Times reported on Saturday.
Apple has pledged to increase its investment in China despite ongoing tensions between Washington and Beijing, CEO Tim Cook said during a meeting with China’s industry minister.
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