Latest development: A bank consortium spearheaded by Morgan Stanley has successfully offloaded $5.5 billion of X's debt at a rate of 97 cents on the dollar, yielding 11%. The sale exceeded the initial $3 billion target, fueled by growing investor trust and the comeback of major advertisers.
Significance: X demonstrates financial progress with an anticipated $1.2 billion EBITDA for 2024, and secures strategic importance by acquiring a 10% ownership in Musk's xAI valued at $5 billion. The platform welcomes back crucial advertisers like Amazon, hinting at a possible return of Apple.