Elon Musk says xAI acquired X in an all-stock deal

Elon Musk announced that his artificial intelligence company, xAI, has acquired his social media platform, X, in an all-stock deal. The transaction values xAI at $80 billion and X at $33 billion, accounting for $12 billion in debt. Musk highlighted that xAI has quickly become a leading AI lab, while X serves as a digital town square for over 600 million active users. The merger aims to combine xAI's advanced AI capabilities with X's extensive reach to create smarter, more meaningful experiences and accelerate human progress.

Musk emphasized that the integration of data, models, compute, distribution, and talent from both companies will unlock significant potential. He expressed gratitude to the teams at xAI and X for their dedication and noted that this merger marks the beginning of a new phase. A spokesperson for X declined to comment further on the deal. The story is still developing, and updates are expected.

Key takeaways

Elon Musk announced that his AI company, xAI, acquired his social media platform, X, in an all-stock deal.
The combination values xAI at $80 billion and X at $33 billion, considering X's $12 billion debt.
The merger aims to combine xAI's advanced AI capabilities with X's extensive user reach to create smarter and more meaningful experiences.
This strategic move is intended to accelerate human progress by blending data, models, and talent from both companies.

Elon Musk says xAI acquired X in an all-stock deal

Key takeaways

Discussion (0)