Musk himself participated in the equity raise, said some of the people, all of whom asked not to be identified discussing private information. The company is considering using some of the proceeds to pay down its remaining debt load, one of the people said.

The deal values X’s equity at roughly $32 billion. The Twitter buyout included at least $12.5 billion in debt, meaning the latest fundraising was completed at roughly the same $44 billion enterprise value as Musk’s initial purchase.

Darsana Capital Partners, which bought some of X’s debt earlier this year, participated in the equity round, some of the people said. The investment firm 1789 Capital, which has backed xAI and SpaceX, also invested, according to a person with knowledge of the matter.

Representatives for X, Darsana and 1789 declined to comment.

Musk regularly turns to the private markets for backing for several of his companies, including SpaceX, which completed a tender offer valuing the startup at about $350 billion, and xAI, which is said to have canvassed investors about raising fresh funding at a valuation of $75 billion.

At the same time that Musk’s companies have gained in the private markets, shares of his automaker Tesla Inc. have tumbled by more than 40% so far this year, in part because his political prominence has soured some consumers on his cars. Heightened competition is also weighing on the stock. On Tuesday, Tesla sank 5.3% following news that Chinese automaker BYD Co. had unveiled an electric car that could be charged as quickly as a gas vehicle is refueled.

After Musk bought Twitter and renamed it X, the company underwent a tumultuous period, marked by deep cuts and advertiser departures. X’s advertising business took a hit shortly after the acquisition as many marketers fled the service, or paused their spending, over concerns that their messages might appear alongside inappropriate content. 

Musk has since fought marketers in court to try to bring them back. X is suing several major brands for withholding advertising spending, alleging that their decision amounts to anti-competitive behavior.

Some marketers have started to return, though industry insiders believe a threat of legal action from Musk could be driving those decisions, Bloomberg News has reported. Musk’s powerful role within the Trump administration has also been a factor for some marketers, who worry about being on the billionaire’s bad side.

X’s business has rebounded since President Donald Trump was re-elected, though Fidelity Investments, an X investor, had marked down its stake in the company by 68% as of January. In addition to some advertisers returning, bankers recently sold X debt that they held for years after Musk’s initial purchase.