Elon Musk’s social network X has raised close to $1 billion in new equity from investors, according to people with knowledge of the matter — a deal that gives the company a valuation in line with when Musk took it private in 2022.

The analysts also explained that “Tesla appears to have the most to lose” among car companies in the U.S. from the “shifting regulatory backdrop,” referring to Trump’s potential rollback of electric vehicle tax credits.