Elon Musk sells X platform to his xAI company
Elon Musk on Friday announced that his artificial intelligence company, xAI, has acquired social media platform X in an all-stock transaction.
“@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). Since its founding two years ago, xAI has rapidly become one of the leading AI labs in the world, building models and data centers at unprecedented speed and scale,” he wrote in an X post.
“X is the digital town square where more than 600M active users go to find the real-time source of ground truth and, in the last two years, has been transformed into one of the most efficient companies in the world, positioning it to deliver scalable future growth,” he added.
