New York I n October 2022, Elon Musk paid $44 billion to buy Twitter — almost certainly an overpayment — and he promptly made significant changes that plunged the company into chaos and sent its ad business and valuation into a tailspin. Two and a half years later, Musk appears close to pulling off a minor miracle: The company, now called X, may once again be worth about what he paid for it. Bloomberg on Wednesday reported that X is in talks to raise money that would value the company at $44 billion. The anonymous sources Bloomberg cited acknowledged that the ongoing talks could break down, and it’s not clear whether X will actually fetch that valuation. But the report coincides with a sudden turn in fortunes for X. Big advertisers, who had largely abandoned X after hate speech surged on the platform and ads were seen running alongside pro-Nazi content, have begun to return. (X made several pro-Nazi accounts ineligible for ads following advertiser departures.) Am...
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