The media published the information according to which the social media platform X is currently negotiating to raise funding from investors at a valuation of $44 billion.
It is worth noting that the mentioned figure corresponds to the value of the deal, under which in 2022 Elon Musk acquired X. At that time, this virtual platform was called Twitter.
The media published information about the negotiations on raising financing on Wednesday, February 19, citing insiders who are aware of the relevant process, which is carried out in a confidential manner. Negotiations are continuing. Final decisions in this issue have not yet been made, which means that there are no final terms for a potential funding round for the social media platform. Insiders also separately noted that X may abandon fundraising altogether.
It’s worth mentioning that last month, the media published information according to which Bank of America, Barclays, and Morgan Stanley were preparing to sell up to $3 billion of debt holdings in X.
The social media platform faced certain difficulties after Elon Musk became its owner. Some advertisers have stopped cooperating with this platform due to concerns about the weakening of content moderation and the turmoil associated with the change in company management. At the same time, many advertisers have already begun to resume interaction with X. Also last month, the media published information according to which Amazon is considering increasing its spending on advertising on this virtual platform, with Apple weighing a return.
X chief executive officer Linda Yaccarino said in September 2023 that 1,500 advertisers had come back to this platform in the prior 12 weeks.
As we have reported earlier, Elon Musk’s xAI Releases Grok 3.
