Billionaire Elon Musk paid $44 billion to acquire social media platform Twitter, which he later rebranded to X. The valuation of the platform has declined sharply since the 2022 purchase with Fidelity marking the value down by 72% as of December.

Elon Musk is recently being sued by the U.S. Securities and Exchanges Commission over his purchase of social media app Twitter.

Elon Musk’s X is on pace for its first year of advertising revenue growth since the billionaire took over Twitter as his ties to the White House help boost business, according to a report. X is projected to generate $1.