Elon Musk's social media company X is in talks to raise new funding that would value the platform at $44 billion—the same amount Musk paid for it in 2022, according to Bloomberg. The discussions are ongoing, and the final terms could change, the report added.
If the deal goes through, it would be the first major outside investment since Musk's takeover.
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X’s Financial Moves and the Road to Recovery
Since Musk took control, has had a tough time holding on to advertisers. According to Fidelity Investments, the company's valuation dropped nearly 72% by October, largely because of concerns over content moderation and brand safety. Advertising revenue took a hit, and many major brands pulled their spending. But now, there are signs of a comeback.
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In December, as mentioned by Bloomberg, Musk's aerospace company, SpaceX, reached a valuation of $350 billion, cementing its status as the most valuable private tech firm.
Meanwhile, his artificial intelligence startup, xAI, secured $6 billion in funding at a $50 billion valuation and could soon see that number climb to $75 billion. X holds a 10% stake in xAI, which ties its future to the fast-growing AI sector.
To add value, X has integrated xAI's Grok 3 AI model into its platform. As claimed by the company, Grok 3 outperforms AI systems from Google GOOG GOOGL)), OpenAI, Anthropic, and DeepSeek. Following its release, X raised the price of its Premium+ subscription to nearly $50 a month as part of a push to generate more revenue outside of advertising.
Still, ad revenue hasn't fully bounced back. In line with industry reports, X's U.S. ad sales were down 28% year-over-year in 2024. However, some brands are returning. CEO Linda Yaccarino said in early January that 90% of advertisers who had previously left have resumed spending on the platform.
X has appeared to be pressuring advertising giant Interpublic Group IPG to increase client spending on the platform, according to The Wall Street Journal.
Interpublic leadership saw a phone call from an attorney from X as a threat that its planned $13 billion merger with Omnicom Group OMC could be slowed down or blocked by the incoming Trump administration due to Musk's expected role in the government, The Journal reported.
Musk also is dealing with legal troubles. The Securities and Exchange Commission on Jan. 14 announced a lawsuit against Musk for allegedly not timely disclosing he purchased more than 5% of Twitter's common stock in March 2022. The regulator said the lack of timely disclosure allowed Musk to save $150 million on the deal.
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