DK Business Network
Elon Musk declared on Friday that he had sold social media platform X to his AI company, xAI, in a $33 billion all-stock deal. Both firms were privately held and not obligated to disclose financial details. Musk stated in a post on X that the deal would unlock immense potential by integrating xAI’s AI with X’s reach.
He mentioned that the transaction valued xAI at $80 billion and X at $33 billion. Musk, CEO of Tesla and SpaceX and an advisor to President Donald Trump, had acquired Twitter for $44 billion in 2022, altered its operations, and renamed it X. He launched xAI a year later.
Musk explained that xAI and X’s futures were now intertwined, and the merger aimed to combine data, models, computing, distribution, and talent. He expressed that this would unlock immense potential by merging AI expertise with X’s platform reach.
He added that the merged company would enhance user experiences while focusing on truth-seeking and knowledge advancement.
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