Dramatic reversal of fortune for platform since billionaire owner became key ally of Donald Trump

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The value of Elon Musk’s social media platform, X, has reportedly soared back to the $44bn he paid for it, in a dramatic reversal of fortunes since the billionaire became a key ally of Donald Trump.

Investors valued the site formerly known as Twitter at $44bn (£33.9bn) in a secondary deal earlier this month, in which they exchange existing stakes in the company, according to a Financial Times report.