X, Elon Musk’s social media company formerly known as Twitter, is in talks to raise money from investors at a US$44 billion (HK$343.2 billion) valuation, according to people familiar with the matter — the same price that Musk paid for the company in 2022.

The funding round would be a remarkable turn of fortunes for the social media giant after Musk’s takeover and overhaul caused many users and advertisers to flee.

Talks for the new X financing round are still ongoing and the details could change, said the people, who asked not to be identified discussing private information. The company could also abandon financing talks. This is the first known investment round for the social media company since Musk took it private.

X did not respond to requests for comment.