New Delhi, March 29
Billionaire Elon Musk has announced his artificial intelligence company, xAI, has acquired social media platform X for an all-stock transaction of $33 billion.
The combination, which "values xAI at $80 billion and X at $33 billion ($45B less $12B debt)," will "unlock the immense potential"
It will blend "xAI’s advanced AI capability and expertise with X’s massive reach". X has more than 600 million active users.
Musk had in 2022, bought X -- originally Twitter -- for $44 billion.
In the last two years, the platform "has been transformed into one of the most efficient companies in the world, positioning it to deliver scalable future growth".
On the other hand, xAI, founded by Musk in March 2023, has rapidly become one of the leading AI labs in the world.
It builds models and data centers at unprecedented speed and scale, said Musk, who also leads Tesla and SpaceX and serves as an adviser to President Donald Trump.
"Today, we officially take the step to combine the data, models, compute, distribution, and talent," said Musk.
He said the future if both xAI and X’s "are intertwined", and "will deliver smarter, more meaningful experiences.
The combination "will allow us to build a platform that doesn’t just reflect the world but actively accelerates human progress".