(Bloomberg) — 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.
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Bankers are looking to offload about $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, taxes, depreciation and amortization 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.
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.
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