Elon Musk’s social networking network X experienced a significant outage on Monday as thousands of users complained about having trouble accessing the website.
In response to the interruptions, Musk acknowledged that a major hack had hit X.
“There was (still is) a massive cyberattack against 𝕏. We get attacked every day, but this was done with a lot of resources. Either a large, coordinated group and/or a country is involved. Tracing …,” he said.
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Later that same day, Musk gave more information on the attack on X when he spoke with Larry Kudlow on Fox Business Network.
He disclosed that they had identified “IP addresses originating in the Ukraine area” as the source of the attack.
“We are not sure exactly what happened, but there was a massive cyberattack trying to bring down the X system, with IP addresses originating in the Ukraine area,” he said.
Over 41,000 X users affected
According to DownDetector, a platform that tracks outages across various digital services, over 41,000 users reported issues around 10:03 a.m. EDT, with most complaints indicating problems with the app and website.
Despite a decrease in reports following the peak, users continued to encounter disruptions, with between 25,000 and 36,000 complaints made between 11:30 a.m. and 1 p.m.
Similar problems, which peaked at 22,766 complaints shortly before 6:00a.m. and seemed to subside an hour later, were reported earlier in the day at 5:43 a.m.
Since Musk’s takeover, the platform has come under fire for its cybersecurity policies, and the attack raises questions about its security.
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X’s plans to raise funds at $44 billion valuation
At a $44 billion valuation, X is reportedly in talks with investors to raise money. This valuation is the same as what Musk paid in 2022 to buy the business.
For the social media behemoth, which saw a surge in user and advertiser attrition after Musk’s takeover and subsequent platform redesign, the possible funding round represents a dramatic turnaround.
According to the sources, the company may decide to stop its fundraising efforts in the end, and the specifics of the financing round may still change while negotiations are still in progress.
This would mark X’s first known round of funding since Musk took the business private in 2022. The possible round of funding follows X’s financial difficulties.
Before the current talks, in December 2023, Fidelity Investments reduced the value of its ownership in X by roughly 70 percent from the $44 billion purchase price. But recent events point to a change in attitude.
There has also been a favourable revaluation of X’s debt. It has been reported that Morgan Stanley completed the sale of $3 billion worth of X debt last week at face value, with no reduction.
This is a big step up from previous attempts to sell the debt, which were greeted with resistance from possible buyers.