Elon Musk’s social media platform, X, previously known as Twitter, has successfully raised nearly $1 billion from investors. This new round of equity funding maintains the company’s valuation at about $32 billion, similar to its valuation when Musk privatized the company in 2022 following a $44 billion acquisition.
The funding comes at a time when X is navigating challenges, including recent cyber security incidents. The influx of investment signifies continued confidence from investors in the platform’s potential, despite the hurdles it has faced. The financial backing could support X’s efforts to enhance its services and fortify its technical infrastructure against future attacks. This development marks a notable moment in X’s trajectory since transforming under Musk’s ownership.
Source: Read more