X Man

X marks the spot:

The Financial Times reports: 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. … The new $44bn valuation represents a rebound for Musk and the group’s investors, including Andreessen Horowitz, Sequoia Capital, 8VC, Goanna Capital and Fidelity Investments. The deal would help set a price for the upcoming primary round. X’s revenues have dropped since Musk’s takeover, but it posted about $1.2bn in adjusted earnings before interest, taxes, depreciation and amortisation in 2024, according to two people familiar with the matter — roughly flat with the period before Musk’s takeover. In addition to the prospect of becoming a highly profitable business, Musk’s purchase of the platform has had ramifications well beyond its own financial position.

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