Elon Musk’s X is reportedly entering a funding round that would bolster the social media platform’s worth to $44 billion.

According to a Bloomberg report, discussions are ongoing and details remain confidential, but X may choose to abandon the talks if the funding round fails to meet the company’s $44 billion target, the same price Mr. Musk paid for Twitter in 2022.

The reports of a funding round for X come just months after the social media company saw its valuation plummet. In December, Fidelity Investments marked down its X stake by about 70% of its $44 billion sale price.

Competing social media sites such as Bluesky and Meta’s Threads have dragged away some of X’s users.

Despite X’s drop in valuation, the company stands to see a successful funding round, due in part to the success of Mr. Musk’s other businesses and his connection to President Trump.

Mr. Musk’s xAI company recently entered talks to raise $10 billion in funding for a $75 billion valuation and launched the latest model of its AI chatbot, Grok.

Mr. Musk’s other prominent companies, Tesla and SpaceX, also tower amid Mr. Trump’s rise. Tesla’s share price has jumped nearly 40% since he was elected, and SpaceX was valued at around $350 billion as of January.

• Vaughn Cockayne can be reached at vcockayne@washingtontimes.com.