Elon Musk’s X valued at $44 billion in latest funding round: report
Elon Musk’s X has clawed its way back to a valuation of $44 billion, a sharp rebound from its estimated value following the Tesla CEO’s turbulent takeover in 2022.
Information about the social media platform’s recent valuation was shared by the Financial Times in a recent report.
Back to $44 Billion
Citing people reportedly familiar with the matter, the FT noted that investors valued Elon Musk’s X at $44 billion in a secondary deal earlier this month. During the deal, investors reportedly exchanged existing stakes in the social media platform. The publication’s sources also claimed that X is working on raising fresh capital in a primary round that is aimed at raising around $2 billion, which would be used to pay off over $1 billion in junior debt from Musk’s 2022 Twitter buyout.
X’s $44 billion valuation is a stunning reversal from the company’s previous estimates. Just last September, Fidelity Investments valued X below $10 billion. Interestingly enough, Fidelity was also one of the investors in X’s recent funding round. Other investors included Andreessen Horowitz, Sequoia Capital, 8VC, and Goanna Capital.
Musk’s Cost-Cutting Pays Off
Musk’s serious cost-cutting measures caught a lot of flak following his acquisition of Twitter. So notable were the criticisms of Musk’s drastic cuts that critics were expecting Twitter to go offline and die. This, however, did not come to pass, though the company had to crawl its way out of the ditch to get to where it is now.
During the last full year before Musk’s takeover, Twitter reported adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) of about $682 million and about $5 billion in revenue. In 2024, X had an EBITDA of about $1.25 billion and annual revenue of $2.7 billion. As per the Wall Street Journal, these figures were better than expected for X’s investors.
New Cash Streams and AI Power Up
X’s valuation is also boosted by the company’s stake in Elon Musk’s artificial intelligence startup, xAI, which develops Grok, a large language model. X CEO Linda Yaccarino also noted that X Money, a Visa-backed payment service, is expected to be rolled out later this year.
The post Elon Musk’s X valued at $44 billion in latest funding round: report appeared first on TESLARATI.
Source: https://www.teslarati.com/elon-musk-x-valued-44-billion-latest-funding-round-report/
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