Elon Musk is reportedly trying to raise new funding for X at the same $44 billion valuation he reluctantly paid for Twitter in 2022.
Bloomberg reported that talks are underway, though the deal could still change or even fall through.
If successful, it would mark a big turnaround for X, which investment firm Fidelity recently valued 70% lower than Musk’s purchase price.
However, signs of improvement have emerged. Earlier this month, banks sold $5.5 billion in debt backed by X at a smaller-than-expected discount.
X’s financials have also shifted. While annual revenue almost halved in two years to $2.7 billion last year, the company is now reportedly nearly twice as profitable based on adjusted earnings.