Elon Musk’s social media platform, X (formerly Twitter), has raised nearly $1 billion in new equity funding from investors, maintaining a valuation similar to when Musk took the company private in 2022.
Citing sources familiar with the matter, Bloomberg reported on Wednesday that the deal values X’s equity at approximately $32bn.
Musk’s $44bn acquisition of Twitter in 2022 included at least $12.5bn in debt, meaning the latest funding round keeps the company’s enterprise value at roughly the same level.
The report also noted that Musk participated in the fundraising, and the company may use part of the proceeds to reduce its remaining debt.
“Some sources, who requested anonymity due to the private nature of the discussions, confirmed Musk’s involvement in the equity raise. One source added that X is considering using part of the funds to pay down its remaining debt,” the report stated.
Darsana Capital Partners, which previously acquired some of X’s debt earlier this year, also took part in the equity round, Bloomberg reported.
Additionally, the investment firm 1789 Capital, which has backed Musk’s ventures xAI and SpaceX, was among the investors.
This development comes barely two weeks after PUNCH Online reported that X suffered a major cyberattack that disrupted the platform’s services.
“There was (still is) a massive cyberattack against X,” Musk said in a post on the platform last Monday, as outages affected users.
Musk had previously blamed a cyberattack—without providing evidence—for crashing the site last year when an interview with Donald Trump was scheduled to be streamed.
