Elon Musk's acquisition of Twitter for nearly $44 billion back in 2022 has been met with significant challenges, including a staggering loss in value by 79% as advertisers left, leading to a current estimated value of just $9.4 billion. Despite this downturn and accumulating a $13 billion debt, Musk is now appealing to investors for funding at the originally inflated price, while facing criticism for ambitious plans to transform X into an "Everything App." His own wealth has also declined sharply due to poor Tesla sales, adding to the complexity of the situation.
In a somewhat rare move for the richest man on Earth, Musk has taken to beg investors for more funds at a valuation of at least $44 billion, according to reporting by Bloomberg.
Musk's tenure over the platform has been a financial disaster, incurring a debt of $13 billion at its peak and losing about $1 billion in cash since he acquired it.
Musk's much-ridiculed promise to turn X into a combination banking, dating, and video platform, or "the Everything App," highlights the ambitious but uncertain direction of the company.
Though X's value might currently be in the toilet, Musk's fundraising comes after some optimistic Wall Street banks decided to start offloading the company's debt to creditors.
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