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We report a novel mechanism, consisting of redistribution of valenceelectrons near the Fermi level, during interactions of intense femtosecondX-ray pulses with a Co/Pd multilayer. The changes in Co 3d valence shelloccupation were directly revealed by fluence-dependent changes of the Co L$_3$X-ray absorption and magnetic circular dichroism spectra near the excitationthreshold. The valence shell redistribution arises from inelastic scattering ofhigh energy Auger electrons and photoelectrons that lead to transient holesbelow and electrons above the Fermi level on the femtosecond time scale. Thevalence electron reshuffling effect scales with the energy deposited by X-raysand within 17 fs extends to valence states within 2 eV of the Fermi level. As aconsequence the sample demagnetizes by more than twenty percent due to magnongeneration.

Ultrafast X-Ray Induced Changes of the Electronic and Magnetic Response of Solids Due to Valence Electron Redistribution