Elon Musk’s X has reportedly regained a $44 billion valuation – the same price the world’s richest person paid to buy the social media site in 2022.

The company formerly known as Twitter was valued at $44 billion in a recent secondary financing round in which investors exchanged existing shares in X, the Financial Times reported on Tuesday, citing sources with knowledge of the matter.

A separate report by Bloomberg said X raised nearly $1 billion in new equity from investors – with Musk himself participating in the financing round.

The deal reportedly valued X at approximately $32 billion, alongside roughly $12.5 billion in debt.

The valuation points to a major turnaround for Musk and his handpicked CEO Linda Yaccarino, who have set about remaking X as an “everything app” with loosened content moderation standards and plans for an onsite payment platform.