Social network "X" plans to attract investments

By Alimat Aliyeva

Billionaire Elon Musk's social network X (formerly known as Twitter) plans to raise $44 billion in funding, Azernews reports.

According to sources familiar with the matter, this is the same amount Musk paid to acquire the social network in 2022.

The sources also indicated that negotiations for the investment round are still ongoing, and the terms of the deal could change. It is also possible that the company may decide to forgo the new financing altogether.

Representatives from X have not commented on this information.

Bloomberg notes that at the end of last year, Fidelity Investments, a company involved in Twitter's acquisition in 2022, estimated the value of its investments in the social network at approximately 70 percent of the original $44 billion purchase price.

Musk, who consistently ranks among the richest people in the world, has seen his fortune grow even further. His close ties with former U.S. President Donald Trump are believed to have played a role in this. Following Trump's election victory, shares in Musk's electric car company, Tesla, soared by more than 40 percent, and his space venture, SpaceX, was valued at around $350 billion.

Sources say Musk also owns xAI, an artificial intelligence startup that is preparing for an investment round at a valuation of $75 billion. Musk's company X holds a stake in xAI worth approximately $6 billion.

Musk's push into artificial intelligence through xAI could be seen as a move to compete with other tech giants like OpenAI, the creator of ChatGPT, which has been revolutionizing AI technology and applications. This could open the door for new innovations and competition in the rapidly advancing field of AI.