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Elon Musk on Friday announced in a post on X that his artificial intelligence company, xAI, had acquired his social media platform, X, in an all-stock deal.
“The combination values xAI at $80 billion and X at $33 billion ($45B less $12B debt),” Musk wrote. “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. 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: “xAI and X’s futures are intertwined. Today, we officially take the step to combine the data, models, compute, distribution and talent. This combination will unlock immense potential by blending xAI’s advanced AI capability and expertise with X’s massive reach. The combined company will deliver smarter, more meaningful experiences to billions of people while staying true to our core mission of seeking truth and advancing knowledge. This will allow us to build a platform that doesn’t just reflect the world but actively accelerates human progress. I would like to recognize the hardcore dedication of everyone at xAI and X that has brought us to this point. This is just the beginning. Thank you for your continued partnership and support.”
A spokesperson for X declined to comment on the deal when reached by Business Insider.
This is a developing story. Please check back for updates.
