Elon Musk’s social media service X has reportedly raised a new $1 billion round of funding. According to Bloomberg, the funding values X at around $32 billion – which is lower than Elon Musk’s $44 billion acquisition price in 2022.
The funding round was joined by several investors, including Elon Musk himself. The new funds are expected to be used in part to pay down outstanding debt.
X is targeting a number of new things for its users this year, and one of them is its payments functionality. It’s not known whether some of the funds will be used for that purpose, or whether it will focus more on paying down debt and strengthening the company’s finances.
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