Social media site X’s valuation has bounced back to $44 billion, according to a new report from the Financial Times. Elon Musk purchased the platform, formerly known as Twitter, for $44 billion back in 2022.
However, a report from Bloomberg states that X has raised close to $1 billion from investors in a deal that values the company at around $32 billion. Musk participated in the equity raise himself, the report says.
Despite the two differing valuations, it’s apparent that X has taken sharp turnaround in terms of its finances, given that Fidelity Investments estimated last September that X’s valuation was below $10 billion.
The platform’s revenue dropped since Musk’s takeover, but X posted $1.2 billion in adjusted earnings (before interest, taxes, depreciation, and amortization) for 2024, which is about the same as the amount before Musk took over, the Financial Times reports.
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