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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Just one week after a similar move by Australia, Greece announced that it will ban access to social media for children under the age of 15 from January 1, 2027, as governments around the world weigh tougher rules amid growing concerns over mental health, safety and screen addiction.
The European Union is preparing sweeping new regulations targeting the addictive design features of major social media platforms, including TikTok, Meta and X, amid mounting evidence linking their use to serious mental health harm among children and teenagers.
Elon Musk did not appear before French prosecutors on Monday after being formally summoned for questioning in an investigation into the alleged misuse of his social media platform X.
Tech billionaire Elon Musk said the search at his social media platform X offices in Paris on Tuesday by French authorities was a "political attack".
Bulgaria has won the Eurovision Song Contest for the first time, taking victory in a final overshadowed by a boycott over Israel’s participation and the war in Gaza.
At least eight people were injured after a driver rammed a car into pedestrians in the northern Italian city of Modena, authorities said on Saturday. Four of the victims were reported to be in serious condition.
U.S. President Donald Trump said Washington could destroy Iran’s infrastructure “in two days,” while Tehran warned the U.S. would face growing economic costs from the conflict. The remarks came as Hezbollah reported new attacks on Israeli forces despite an extended Lebanon ceasefire.
At least eight people have died and 32 others were injured after a freight train collided with a public bus at a railway crossing in Bangkok on Saturday (16 May), triggering a fire that quickly spread through the vehicle.
Iran’s Parliamentary Speaker Mohammad Bagher Ghalibaf warned that the U.S. military blockade of Iran’s southern ports could trigger a new global financial crisis as the Tehran-Washington standoff around the strategic Strait of Hormuz persists.
Japanese filmmaker Koji Fukada has said that the use of artificial intelligence (AI) to “jump straight to the result” risks undermining the purpose of art, which he believes should be rooted in self-expression and a deeper understanding of the world.
The Spanish government has issued a defiant message to Silicon Valley, confirming it will push ahead with stringent new legislation designed to make social networks and Artificial Intelligence (AI) demonstrably safer.
A robotics startup says it has built an AI “brain” that can teach humanoid robots new physical skills in days rather than months, as the race to deploy human-shaped machines in factories and warehouses accelerates.
Apple and Meta have publicly opposed a Canadian bill they say could force technology companies to weaken encryption on devices and online services if it becomes law.
European Union countries and European Parliament lawmakers have agreed on a softened version of the bloc’s landmark artificial intelligence rules, including delayed implementation, in a move critics say reflects growing concessions to major technology firms.
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