Elon Musk-owned X, beforehand known as Twitter, has been bought by his AI firm xAI.
This announcement got here from Musk by a publish 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 mentioned this mix 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.”
Here is the entire publish by Musk:
xAI has acquired X in an all-stock transaction. The mixture 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 change into one of many main AI labs on the earth, constructing fashions and knowledge facilities at unprecedented pace and scale.
X is the digital city sq. the place greater than 600M energetic customers go to search out the real-time supply of floor fact and, within the final two years, has been reworked into some of the environment friendly firms on the earth, positioning it to ship scalable future development.
xAI and X’s futures are intertwined. At present, we formally take the step to mix the information, fashions, compute, distribution and expertise. This mix 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 looking for fact and advancing data. This may enable us to construct a platform that doesn’t simply replicate the world however actively accelerates human progress.
I want to acknowledge the hardcore dedication of everybody at xAI and X that has introduced us thus far. That is only the start.
Thanks in your continued partnership and assist.
