this post was submitted on 19 Mar 2025
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Technology

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Elon Musk’s X obtains $44bn valuation in sharp turnaround (www.ft.com)
submitted 15 hours ago by misk@sopuli.xyz to c/technology@beehaw.org
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Archive: https://archive.is/2025.03.19-050450/https://www.ft.com/content/d4616dec-c4c7-417f-8549-134710bbc5b1

Social media site X’s valuation has soared back to $44bn, underscoring the sharp turnaround in the company’s fortunes since its owner Elon Musk assumed the role of staunch ally to President Donald Trump. 

Investors valued the platform at $44bn in a so-called secondary deal earlier this month, in which they exchange existing stakes in the company, according to two people with knowledge of the matter. 

X was also working on raising fresh capital in a primary round, which would aim to raise about $2bn through selling new equity and be used to pay off more than $1bn of junior debt that Musk agreed to take on to finance his buyout of the company, then known as Twitter, in 2022, several people briefed on the situation said.

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[–] furrowsofar@beehaw.org 7 points 8 hours ago* (last edited 8 hours ago) (1 children)

Twitter is for those that want to be followed (aka those that want to be famous), and those that want to follow those people (be part of the hurd of fans). I do not understand it because fit into neither of these groups. However, it seems to be a common human thing. Seems very tribal. Being part of a group, elevating and worshiping some people, and wanting to associate with THE IN people. News media types seem to love twitter.

[–] kbal@fedia.io 3 points 8 hours ago (1 children)

Oh yes I did fail to include a full catalogue of all the base instincts it obviously appeals to — but it's as if people are eating a giant pile of shit for breakfast, and you're helpfully explaining that well, we all need to eat.

[–] furrowsofar@beehaw.org 1 points 5 hours ago

By in large, people are emotional creatures that sometimes think.

Reason I say that is that in my small little envelope of life, most people are both a lot more educated and a lot more on the thinking side then is typical. Everyone has issues and blind spots, but mostly people in my circles are pretty fact based. At least for me, it is a good reminder that I should not be surprised by stupid shit from the wider world in terms of what people believe and do.

A bunch of smart people built the internet, then we let an amalgam of opportunists and very average people use it, what can we expect.