The value of Twitter / X has returned to $44 billion -- the price Elon Musk paid for it in 2022.

Back in September, it was estimated the platform was worth less than a quarter of the purchase price, or $10 billion.

Critics and commentators said Elon Musk's purchase of the social-media behemoth would be a huge mistake, with some even predicting he would destroy the platform by removing the heavy censorship regime that had prevailed under its previous owners and firing a majority of employees.

But Musk's backing of Donald Trump, to whose election campaign he contributed $250 million, appears to have paid off.

"The new $44bn valuation represents a rebound for Musk and the group's investors, including Andreessen Horowitz, Sequoia Capital, 8VC, Goanna Capital and Fidelity Investments. The deal would help set a price for the upcoming primary round," the Financial Times notes.

Musk is now looking to pursue a new round of fundraising to offset some of the debt he used to buy the platform.

A spike in X's advertising revenue has contributed to the buoyant valuation. According to sources who spoke to The Financial Times, advertising brought in $1.2 billion in adjusted earnings in 2024, which is roughly the same as before Musk bought the company. There was an initial exodus of advertisers after Musk took control, but they have gradually returned and big companies have increased their advertising spend on the platform.

Increased confidence in the company has also come from the sale of the loans Musk used to buy it. Interest in buying the $12.5 billion in loans increased dramatically after Donald Trump's election victory in November.