Social media platform X, owned by Elon Musk, has raised nearly US$1 billion in new equity funding. This keeps its valuation at approximately US$32 billion, the same as when Musk privatized it in 2022.

Musk participated in this funding round alongside Darsana Capital Partners, which had previously acquired some of X’s debt. Some proceeds may be used to reduce the company’s remaining debt, according to one source.

Since Musk’s acquisition, X has faced major challenges, including workforce reductions and a decline in advertisers.

Fidelity Investments has marked down its stake in the company by 79% compared to its value during the buyout.

The 2022 acquisition was valued at US$44 billion, including US$12.5 billion in debt.

Representatives for X and Darsana Capital Partners declined to comment.