Social media network X suffered multiple outages, according to Elon Musk’s announcement on the platform. The social media site’s owner, later claimed a “massive cyberattack” was responsible.

While X frequently experiences cyber threats, Musk suggested this particular attack was unusually well-resourced and may have involved a coordinated group or even a nation-state.

Users Report X Outages

Musk confirmed the cyberattack in response to a user’s post highlighting a series of incidents involving his business interests, including Tesla store vandalism.

Musk, who bought X (formerly Twitter) for $44 billion in 2022, has overseen drastic staff reductions, reportedly cutting the workforce from 7,500 to just 1,300 employees by early 2023, CNBC reported. Among those let go were a significant number of engineers, raising questions about X’s ability to handle technical disruptions and cyber threats.

Since Musk’s acquisition, the platform has experienced several major outages. Users previously reported widespread issues in December 2022 and again in July 2023. “Damaging the property of others, aka vandalism, is not free speech,” Musk added while commenting on the latest outage.

Cyberattack or Technical Failure?

Despite Musk’s claim that X was targeted by a sophisticated cyberattack, no evidence has been provided to confirm this assertion. While Musk speculated that a state actor or a well-funded group may have orchestrated the attack, cybersecurity experts have yet to verify the claim.

According to a recent report by Bloomberg, X is reportedly in talks to raise new funding at a $44 billion valuation, the same price Musk paid when he acquired the platform in 2022. This marked the firm’s first attempt to secure outside investment since Musk took it private.

According to sources quoted by Bloomberg, the discussion around the funding remains uncertain. The potential capital raise highlights a shift in sentiment concerning Musk’s business empire.

Since the election of former President Donald Trump, Tesla’s stock has surged. Musk’s increasingly visible association with Trump has changed how some investors see X’s future prospects. A section of the market believes that his political alignment could help boost his business interests.

This article was written by Jared Kirui at www.financemagnates.com.TrendingRead More

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