Elon Musk’s artificial intelligence company xAI has acquired social media platform X (formerly Twitter) in an all-stock transaction.
The deal values xAI at $80 billion and X at $33 billion, while also accounting for $12 billion in debt.
Founded two years ago, xAI has quickly become a leading artificial intelligence lab, developing models and data centers at an unprecedented pace, according to Elon Musk. X serves as a digital town square with over 600 million active users seeking real-time information.
Related News
Onchain Data Seems Quite Active: Massive Cryptocurrency Whales Are Making These Trades
According to the statement, the integration of xAI and X aims to combine data, models, computing resources, distribution channels, and capabilities. Musk expects this merger to unlock significant potential by blending xAI’s advanced AI capabilities with X’s broad reach.
The combined company remains committed to the pursuit of truth and the advancement of knowledge as it plans to deliver smarter, more meaningful experiences to billions of people.
This is not investment advice.
