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.
A mosaic portrait of Pope Leo XIV was illuminated on Sunday at the Basilica of St. Paul Outside the Walls in Rome, continuing a centuries-old Vatican ...
Canadian Prime Minister Mark Carney said on Sunday that his government has no intention of pursuing a free trade agreement with China, pushing back ag...
Israel will reopen Gaza’s Rafah crossing with Egypt for the passage of people only after completing an operation to locate the body of the last rema...
A senior US immigration official defended the continuation of an enforcement mission in Minneapolis on Sunday, saying enforcing the law is a "duty." T...
North Korean leader Kim Jong Un has visited an art studio to oversee sculptures for a memorial dedicated to North Korean soldiers killed while fightin...
The UK’s media regulator Ofcom has launched a formal investigation into the social media platform X, owned by US billionaire Elon Musk, over concerns that its artificial intelligence tool Grok has been used to generate sexualised images of women and children.
Governments in Europe and Asia are stepping up pressure on X and its Grok chatbot after AI-generated sexualised images sparked regulatory action, with Indonesia becoming the first country to block access to the tool.
NVIDIA will be allowed to ship its H200 chips to approved customers in China and other countries under conditions designed to protect U.S. national security, U.S. President Donald Trump announced on Monday.
The U.S. Secretary of State Marco Rubio sharply condemned the European Commission’s decision to fine American social media company X €120 million (approximately $140 million), calling it an assault on U.S. technology companies and their users.
The UN Human Rights Council has condemned Iran for rights abuses and ordered an expanded investigation into a crackdown on anti-government protests that killed thousands, as Tehran warned any military attack would be treated as an all-out war.
Firefighters were clearing the charred ruins of a Karachi shopping mall in Pakistan on Tuesday (20 January) as they searched for people still missing after a fire that burned for nearly two days and killed at least 67 people, police said.
Türkiye’s Foreign Minister Hakan Fidan said on 23 January there are signs Israel is still seeking an opportunity to attack Iran, warning that such a move could further destabilise the Middle East.
Germany is divided over whether to boycott the 2026 FIFA World Cup in the United States if U.S. President Donald Trump were to follow through on remarks about annexing Greenland, a move widely viewed in Europe as a violation of international law.
U.S. President Donald Trump said on Friday that Canada is opposing the possible construction of his proposed ‘Golden Dome’ missile defence system over Greenland, despite what he claimed would be security benefits for Canada.
A faint hand outline found in an Indonesian cave has been dated to at least 67,800 years ago, making it the oldest known example of rock art and offering new insight into early human migration across Southeast Asia.
New modelling suggests Mars shapes some of Earth’s long-term orbital rhythms, including shorter eccentricity cycles and a 2.4-million-year pattern that vanishes without its gravitational pull.
Ashley St. Clair, mother of one of Elon Musk’s children, has filed a lawsuit against Musk’s company xAI, alleging that its AI tool Grok generated explicit images of her, including one portraying her as underage.
Britain’s Royal Navy has successfully conducted the maiden flight of its first full-sized autonomous helicopter, designed to track submarines and carry out high-risk maritime missions amid rising tensions in the North Atlantic.
Dubai is set to launch commercial air taxi services by the end of the year, according to the emirate’s Roads and Transport Authority (RTA).
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment