Elon Musk-owned X, beforehand referred to as Twitter, has been bought by his AI firm xAI.
This announcement got here from Musk by means of a submit on his X account, revealing that X was acquired by xAI in an all-stock transaction, valuing xAI at $80 billion and X at $33 billion ($45B much less $12B debt).
X, then Twitter, was bought by Musk in 2022 for about $44 billion and has been mired in controversies for various causes. With its acquisition by xAI, Musk stated this mixture of X and xAI, whose “futures are intertwined,” will unlock immense potential by “mixing xAI’s superior AI functionality and experience with X’s large attain.”
This is the whole submit by Musk:
xAI has acquired X in an all-stock transaction. The mix values xAI at $80 billion and X at $33 billion ($45B much less $12B debt).
Since its founding two years in the past, xAI has quickly turn out to be one of many main AI labs on the planet, constructing fashions and knowledge facilities at unprecedented velocity and scale.
X is the digital city sq. the place greater than 600M energetic customers go to seek out the real-time supply of floor fact and, within the final two years, has been remodeled into probably the most environment friendly firms on the planet, positioning it to ship scalable future development.
xAI and X’s futures are intertwined. In the present day, we formally take the step to mix the information, fashions, compute, distribution and expertise. This mixture will unlock immense potential by mixing xAI’s superior AI functionality and experience with X’s large attain. The mixed firm will ship smarter, extra significant experiences to billions of individuals whereas staying true to our core mission of searching for fact and advancing data. It will permit us to construct a platform that doesn’t simply mirror the world however actively accelerates human progress.
I wish to acknowledge the hardcore dedication of everybody at xAI and X that has introduced us thus far. That is just the start.
Thanks in your continued partnership and assist.
