Elon Musk's X is in talks to raise funds from investors at a $44 billion valuation, Bloomberg News reports. Musk bought the X, previously known as Twitter, in 2022 for the same price.
The news is that it marked a fidelity investment that reduced Twitter shares by about 70% in December from its 2022 sales price as social networks struggled to maintain advertisers.
Bloomberg reports that talks are ongoing for a new funding round and details may change. The company could also abandon consultations.
The investment round will be the first of the social network, as Musk has made it private.
Musk's other companies' ratings have skyrocketed as they have played a key role in President Trump's administration. Tesla stocks have risen more than 40% since Trump's election, with SpaceX valued at $350 billion in December and a 67% jump from June. Xai, the artificial intelligence startup at Musk, is also discussing how to raise $10 billion at a $75 billion valuation.