Elon Musk's social media company X is in talks to raise money from investors at a $44 billion valuation, Bloomberg News reported, citing people familiar with the matter.

Musk bought X, formerly known as Twitter, for the same price in 2022.

Talks for the new financing round are still ongoing and the details could change, the Wednesday report said, adding that the company could also abandon the talks.

X did not immediately respond to Reuters' request for comment.

Last month, Reuters reported that Morgan Stanley, Bank of America and Barclays were getting ready to sell up to $3 billion of debt holdings in X.