Elon Musk’s AI startup, xAI, has acquired his social media platform X, formerly known as Twitter, he announced in a post on X Friday.
“xAI has acquired X in an all-stock transaction. The combination values xAI at $80 billion and X at $33 billion ($45B less $12B debt),” Musk said in the post. “xAI and X’s futures are intertwined. Today, we officially take the step to combine the data, models, compute, distribution and talent.”
The acquisition places X — the highly influential social media platform Musk purchased in 2022 under its former name, Twitter — firmly under the umbrella of Musk’s AI startup, which he founded in 2023 to compete with OpenAI. While xAI’s products, including its AI chatbot Grok, were tightly integrated into the X platform before this deal, Friday’s acquisition further combines two of Musk’s most high-profile companies.
Musk — who also leads Tesla, SpaceX, and Neuralink — notes in his post that this deal values X at $33 billion (lowered from an enterprise value of $45 billion due to the company’s $12 billion in debt).
Read more at the link in the bio
*Post was updated for more details.
Article by Maxwell Zeff
Image Credits: SAUL LOEB / AFP / Getty Images
#TechCrunch #technews #artificialintelligence #ElonMusk #Twitter #X #socialmedia
Elon Musk’s AI startup, xAI, has acquired his social media platform X, formerly known as Twitter, he announced in a post on X Friday.
“xAI has acquired X in an all-stock transaction. The combination values xAI at $80 billion and X at $33 billion ($45B less $12B debt),” Musk said in the post. “xAI and X’s futures are intertwined. Today, we officially take the step to combine the data, models, compute, distribution and talent.”
The acquisition places X — the highly influential social media platform Musk purchased in 2022 under its former name, Twitter — firmly under the umbrella of Musk’s AI startup, which he founded in 2023 to compete with OpenAI. While xAI’s products, including its AI chatbot Grok, were tightly integrated into the X platform before this deal, Friday’s acquisition further combines two of Musk’s most high-profile companies.
Musk — who also leads Tesla, SpaceX, and Neuralink — notes in his post that this deal values X at $33 billion (lowered from an enterprise value of $45 billion due to the company’s $12 billion in debt).
Read more at the link in the bio 👆
*Post was updated for more details.
Article by Maxwell Zeff
Image Credits: SAUL LOEB / AFP / Getty Images
#TechCrunch #technews #artificialintelligence #ElonMusk #Twitter #X #socialmedia