It has recently been revealed that Elon Musk has acquired additional shares in X worth $150 million, reinforcing his position as the company's major owner. The company's valuation has seen significant growth following Donald Trump's return to the U.S. presidency.
Elon Musk's Control Over X Strengthens
Elon Musk controls 74% of X, formerly known as Twitter. Recently, he acquired more shares in the company, maintaining his dominant stance. Prince Alwaleed bin Talal Al Saud and Kingdom Holding remain major minority shareholders, but their influence pales in comparison to Musk's control. The transaction was not previously disclosed publicly, making this the first report of the deal.
X Valuation Rises to $44 Billion
After a significant decline where X was valued at less than $10 billion, the company's valuation has rebounded to $44 billion due to strategic changes and the new political context. This change is associated with Donald Trump's election victory and his support for Elon Musk. X plans to raise $2 billion in a new funding round to reduce debt and develop products in payments and AI.
X Expands Beyond Advertising
Under Elon Musk's leadership, X aims to go beyond a traditional social network by developing directions in payments and AI. In January, the company announced the launch of X Money, a digital wallet for payment facilitation. Additionally, the new features of the AI bot Grok 3, created with xAI's technologies, were introduced to enhance X's advertising and product offerings.
Elon Musk's active involvement in X and the company's expansion into new areas signal its fresh ambitions. The strengthened political position and planned innovations support its growing valuation.
