Elon Musk's X raises close to $1 bn in fresh funding at $32 valuation

By Sonali Basak, Katie Roof, Sridhar Natarajan and Gillian Tan  Elon Musk’s social network X has raised close to $1 billion in new equity from investors in a deal that values the company at roughly $32 billion, according to people with knowledge of the matter — a valuation in line with when Musk took it private in 2022. 

Musk himself participated in the equity raise, said some of the people, all of whom asked not to be identified discussing private information. The company is considering using some of the proceeds to pay down its remaining debt load, one of the people said.

A representative for X did not respond to a request for comment. 

After Musk bought Twitter and renamed it X, the company underwent a tumultuous period — marked by deep cuts and advertiser departures. At one point, Fidelity Investments had marked its stake in X down 79 per cent compared to when Musk acquired it. 

The Twitter buyout was a roughly $44 billion transaction, including at least $12.5 billion in debt.  

Musk regularly turns to the private markets for backing for several of his companies, including SpaceX, which completed a tender offer valuing the startup at about $350 billion, and xAI, which is said to have canvassed investors about raising fresh funding at a valuation of $75 billion.