Elon Musk's social media company X, now based in Bastrop, reportedly raises $1B

AUSTIN (ABJ) — Bastrop-headquartered social media company X has reportedly raised nearly $1 billion in equity funding, according to a Bloomberg report that cited people familiar with the fundraise.

Those sources said the new investors valued the company at about $32 billion. Elon Musk purchased the company, then called Twitter, for about $44 billion in 2022. The buyout included more than $10 billion in debt, so X's new valuation appears to be roughly in line with what Musk paid. That would mark a strong rebound from the $9.4 billion valuation that was calculated based on disclosures from X investor Fidelity last fall.

Bloomberg reported that Musk himself, as well as Darsana Capital Partners and 1789 Capital, invested in the new funding round, although it was unclear what other investors may have been involved.

Read the full story at the Austin Business Journal website.