On March 28, Elon Musk announced that the AI startup xAI, of which he is the founder, had acquired the social network X, which Musk had previously purchased in 2022, in an all-stock transaction.
On March 28, Elon Musk announced that the AI startup xAI, of which he is the founder, had acquired the social network X, which Musk had previously purchased in 2022, in an all-stock transaction.
«The xAI and X futures are intertwined,» Elon Musk wrote in X, announcing the deal. «The combination values xAI at $80 billion and X at $33 billion ($45 billion minus $12 billion in debt),» he said.
He also added that the deal is aimed at bringing together data, models, compute, distribution and talent, combining xAI’s advanced AI capabilities and expertise with X’s reach.
Beyond the information released, other details of the deal are unknown, including what will change for X users after the acquisition. On the Internet, software engineer and one of the X users Carl Kelley called the deal a «consolidation of the empire» for Musk. He also suggested that the move would pay off for the billionaire, in particular because:
