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Elon Musk's X in talks to raise funds at $44 billion valuation

Economic Times

Economic Times · 4m ago

Elon Musk's X in talks to raise funds at $44 billion valuation

Elon Musk's social media platform, X, is in talks to raise funding at a $44 billion valuation, according to Bloomberg News. Discussions are ongoing, and details might change or be abandoned. This follows X's previous efforts to gather $10 billion for xAI, potentially valuing Musk's AI venture at $75 billion. Additionally, Wall Street banks are preparing to sell up to $3 billion in X's debt holdings, initially lent for Musk's buyout of the platform.

Related News

Musk's xAI seeks $20 bn funding at $120 bn valuation: Report

Inshorts · 2m ago

Musk's xAI seeks $20 bn funding at $120 bn valuation: Report

Elon Musk's xAI Holdings is in talks to raise $20 billion in fresh funding at a valuation of over $120 billion, Bloomberg reported. If successful, this would be the second-largest startup funding round after OpenAI's $40 billion raise at a $300 billion valuation last month. In March, Musk sold his social media platform X to xAI for $45 billion.

Musk gives 25% of xAI stake to those who funded Twitter buyout: FT

Inshorts · 7m ago

Musk gives 25% of xAI stake to those who funded Twitter buyout: FT

Elon Musk has given 25% of shares in his AI startup xAI to investors who helped fund his $44-billion Twitter (now X) takeover, Financial Times reported. This comes as xAI is reportedly set to raise $5 billion at an increased valuation of $50 billion. Fidelity, Sequoia and Jack Dorsey are among the investors set to benefit from the funding round.

Wall Street banks sell final portion of Elon Musk's X debt, source says

Economic Times

Economic Times · 2m ago

Wall Street banks sell final portion of Elon Musk's X debt, source says

A consortium of banks, including Morgan Stanley and Bank of America, sold the remaining debt from Elon Musk's $44 billion acquisition of Twitter, now rebranded as X. Loans totaling $1.2 billion were sold at a slight discount, reflecting a 9.5% yield. The successful sale was facilitated by Musk's high-profile relationships and positive revenue forecasts for X, allowing the banks to nearly clear their $13 billion commitment from their accounts over almost two years.

X plans purchase of last $1.2 billion buyout debt held by banks

Economic Times

Economic Times · 3m ago

X plans purchase of last $1.2 billion buyout debt held by banks

Elon Musk's X is considering purchasing around $1.2 billion of second-lien debt related to the social network's buyout, which Wall Street banks have held. This repurchase could be partly financed by a recent equity raise but isn't final yet. The transaction would enable banks, led by Morgan Stanley, to remove risky loans associated with Musk's $44 billion acquisition of Twitter in 2022 from their balance sheets. X's financial improvements and AI ventures aided this decision.

Elon Musk’s xAI in talks to raise funding valuing it at $40 billion

Livemint

Livemint · 8m ago

Elon Musk’s xAI in talks to raise funding valuing it at $40 billion

Elon Musk's xAI is reportedly in talks with investors for a funding round that could value the startup at around $40 billion. The funding discussions are still in the early stages, and xAI hopes to raise several billion dollars to add to its $40 billion valuation. The company has recently released a tool for developers and has plans to expand its Memphis data center. However, xAI has faced criticism for generating controversial images using its AI model. The funding round comes as other AI startups, like OpenAI, are also raising substantial funds to advance their technology.

Elon Musk borrowed $1 billion from SpaceX in same month of Twitter deal: report

Economic Times

Economic Times · 1y ago

Elon Musk borrowed $1 billion from SpaceX in same month of Twitter deal: report

Elon Musk secured a $1 billion loan from SpaceX, using his SpaceX stock as collateral, around the time of acquiring Twitter (now X) for $44 billion. Musk's extensive holdings allow him to leverage assets for loans, while privately held SpaceX has served as his lender. Musk's financial moves, including selling Tesla shares worth $40 billion, have drawn attention and scrutiny. SpaceX had $4.7 billion in cash and securities in 2022. Both SpaceX and X declined to comment.

Elon Musk's AI startup seeks to raise up to $6 billion

Economic Times

Economic Times · 1y ago

Elon Musk's AI startup seeks to raise up to $6 billion

Elon Musk's AI startup, xAI, is reportedly in discussions to raise up to $6 billion from global investors, potentially valuing the company at up to $20 billion. Musk, known for emphasizing AI safety, launched xAI's chatbot "Grok" to compete with OpenAI's ChatGPT. The fundraising efforts include talks with family offices in Hong Kong, sovereign wealth funds in the Middle East, and investors in Japan and South Korea. Last month, xAI filed with the SEC to raise up to $1 billion. Musk has stressed the need for more voting control at Tesla to pursue AI development.

Elon Musk’s startup xAI valued at $50 billion in new funding round

Livemint

Livemint · 7m ago

Elon Musk’s startup xAI valued at $50 billion in new funding round

Elon Musk's artificial intelligence startup, xAI, has reportedly raised $5 billion in a funding round, valuing the company at $50 billion. The funding comes from investors including Qatar Investment Authority, Valor Equity Partners, Sequoia Capital, and Andreessen Horowitz. This brings xAI's total raised amount to $11 billion this year, with its valuation increasing from $24 billion to $50 billion. The funds will be used to purchase additional Nvidia chips and further develop AI models. xAI's primary product is the Grok chatbot, which is available to subscribers of Musk's social network X.

Trump's Truth Social overtakes Musk's X in value as shares surge

Inshorts · 8m ago

Trump's Truth Social overtakes Musk's X in value as shares surge

Donald Trump's Truth Social has overtaken Elon Musk's X in value after its shares surged. Trump Media & Technology Group (TMTG) is now valued at over $10 billion, which is higher than X Holdings' estimated $9.4 billion valuation. While X and Truth Social are rival microblogging platforms, Musk has openly endorsed Trump in the upcoming US elections.

Elon Musk fired 80% of Twitter, and Silicon Valley adopted practice: Report

Livemint

Livemint · 1y ago

Elon Musk fired 80% of Twitter, and Silicon Valley adopted practice: Report

Elon Musk's acquisition of Twitter for $44 billion in 2022 led to a drastic downsizing of the company. Musk sent in loyalists to evaluate employees and subsequently cut 6,000 workers, or 80% of the workforce. This move shocked the industry, and many departments, including diversity and inclusion and product and design teams, were heavily affected. Musk's intention was to rebuild the business with a clean slate, but the extensive cuts left gaps to fill and resulted in chaos. This downsizing approach set a new standard, and other Silicon Valley giants, such as Meta and Google, followed suit with their own layoffs. Despite the challenges, Twitter (now called X) has endured, albeit with a decreased valuation of $14 billion compared to the initial $44 billion. Investors are hoping to participate in Musk's future successful projects to recoup their losses from the Twitter acquisition.

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