Social network X (formerly known as Twitter), owned by billionaire Elon Musk, has raised nearly $1 billion from investors through the sale of new shares, valuing the company at $32 billion, Bloomberg reports, citing sources.
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What is known
Musk bought the social network in 2022 for $44 billion, paying a significant portion of the amount with borrowed funds.
Musk himself also participated in the new round, along with investment firm Darsana Capital Partners, the sources said. X plans to use some of the proceeds to pay off debt.
It was previously reported that late last year, investment company Fidelity Investments, which also participated in the purchase of Twitter in 2022, wrote off the value of its investment in the company by about 70%.
Musk tops the list of the world's richest people. In addition to Tesla, the businessman owns the space startup SpaceX and the artificial intelligence startup xAI.
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- Elon Musk