The social media platform formerly known as Twitter is in discussions with investors to secure funding that would value the company at €42bn.

This valuation matches the price Elon Musk paid for the platform in 2022, after which he rebranded it as X.

A successful fundraising at this level would indicate a potential turnaround for the company, which has faced declining advertiser and user engagement due to controversies under Musk’s leadership.

According to Bloomberg News, negotiations over the financing round are ongoing, and details, including the amount being raised, remain uncertain.

Since acquiring X, Musk has not only renamed the platform but also cut the majority of its workforce, relaxed content moderation policies, and reinstated previously banned accounts, including that of Donald Trump.