Social media site X’s valuation has soared back to $44bn, underscoring the sharp turnaround in the company’s fortunes since its owner Elon Musk assumed the role of staunch ally to President Donald Trump.
Investors valued the platform at $44bn in a so-called secondary deal earlier this month, in which they exchange existing stakes in the company, according to two people with knowledge of the matter.
X was also working on raising fresh capital in a primary round, which would aim to raise about $2bn through selling new equity and be used to pay off more than $1bn of junior debt that Musk agreed to take on to finance his buyout of the company, then known as Twitter, in 2022, several people briefed on the situation said.
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