New Financials From Musk’s X Debt Sale Show Changing Company

Elon Musk’s X Holdings Corp. is evolving from a social media platform powered by mainstream advertisers to one betting on dollars generated from artificial intelligence and subscriptions — a change that appears to have buoyed its revenue lately.

The platform, formerly known as Twitter Inc., posted $91 million in revenue tied to data licensing and subscriptions in February, a 30% increase from a year earlier, according to materials shared with investors related to a new debt sale. Advertising revenue also grew, though at a more modest 4% clip, the materials show.