Billionaire Elon Musk has announced his artificial intelligence company, xAI, has acquired social media platform X for an all-stock transaction of $33 billion.
Billionaire Elon Musk has announced his artificial intelligence company, xAI, has acquired social media platform X for an all-stock transaction of $33 billion.
The combination, which “values xAI at $80 billion and X at $33 billion ($45B less $12B debt)”, will “unlock the immense potential”
It will blend “xAI’s advanced AI capability and expertise with X’s massive reach”. X has more than 600 million active users.
Musk had in 2022, bought X — originally Twitter — for $44 billion.
In the last two years, the platform “has been transformed into one of the most efficient companies in the world, positioning it to deliver scalable future growth”.
