Elon Musk-owned X, beforehand known as Twitter, has been bought by his AI firm xAI.
This announcement got here from Musk via a put up 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 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 huge attain.”
This is the entire put up 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 turn out to be one of many main AI labs on the planet, constructing fashions and information facilities at unprecedented pace and scale.
X is the digital city sq. the place greater than 600M lively customers go to search out the real-time supply of floor reality and, within the final two years, has been remodeled into some of the environment friendly corporations on the planet, positioning it to ship scalable future progress.
xAI and X’s futures are intertwined. As we speak, 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 huge attain. The mixed firm will ship smarter, extra significant experiences to billions of individuals whereas staying true to our core mission of looking for reality and advancing data. It will enable us to construct a platform that doesn’t simply mirror the world however actively accelerates human progress.
I want to acknowledge the hardcore dedication of everybody at xAI and X that has introduced us up to now. That is only the start.
Thanks to your continued partnership and help.
