Investors are starting to get their most complete look yet at the financial picture of social media platform X in the chaotic three years since its buyout by Elon Musk.
Bankers are looking to offload about US$3-billion of loans that have been stuck on their books since the debt-laden transaction in 2022.
While the numbers come with a heavy dose of adjustments, they are offering potential buyers some signs of a rebound from the steep revenue losses that X was said to have suffered in the early days of Musk’s ownership, a period marked by drastic cost cuts and lost advertising revenue.
The debt is being pitched with a set of financials showing roughly $1.2-billion of adjusted earnings before interest, tax, depreciation and amortisation in 2024, according to people familiar with the matter.
That includes about $400-million of Ebitda on $710-million of revenue in the final three months of the year, an increase from the two preceding quarters that indicates an election-related bump for the social media platform.
The $1.2-billion figure is roughly flat from the period before Musk jumped in. However, the latest figures come with a significant list of adjustments that help boost the numbers.
Read: Users are ditching Musk’s X for Bluesky and Threads
Investors are also seeing that the company has about $400-million worth of cash on its balance sheet, a sharp decline from the $1.4-billion it had in 2022, the people said. — Sridhar Natarajan, Carmen Arroyo and Reshmi Basu, (c) 2025 Bloomberg LP
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