❌💰 Stat of the Day: Elon Musk’s X is uncovering some of the buried treasure its name usually marks. The social platform has raised ~$1 billion in new capital at a $44 billion valuation – the exact sum Musk paid for it in 2022 – according to a new Financial Times report.

Quite a turnaround: The platform had been valued at ~$10 billion by existing investor Fidelity Investments as recently as late September.

Big picture: X’s revenues have dropped since Musk’s takeover, but it posted ~$1.2 billion in adjusted EBITDA in 2024, roughly flat with the period before Musk’s takeover, according to the FT.

Looking ahead…X has its sights set on becoming what Musk dubs an “everything app.” The company plans later this year to launch a digital wallet and peer-to-peer payment service, and is working to integrate xAI’s artificial intelligence tech into its platform.

🦌🤔 Did You Know? Since 2008, the town of Anchorage, Alaska, has hosted the Running of the Reindeer event featuring thousands of participants trying to outrun a herd of reindeer in the snow, oftentimes in costumes, swimsuits, or jockstraps. There’s no winner of the race – it’s all for fun and bragging rights.

📰 Worth a Read: How do we start learning to ‘read’ other people’s minds?