Elon Musk’s AI company, xAI, has completed the acquisition of the social media platform X, previously known as Twitter, valuing xAI at $80 billion.
Deal Details
The deal between xAI and the social media platform X values the latter at $33 billion, with its total valuation reaching $45 billion when including $12 billion in debt. This highlights the significance of cooperation between two of Elon Musk's major enterprises.
Strategic Significance of the Merger
Since its inception two years ago, xAI has rapidly emerged as a leading AI lab. Platform X, attracting over 600 million active users, serves as an efficient digital hub. The merger will integrate xAI's advanced AI capabilities with X's vast user base, opening new opportunities.
Consolidation Efforts and Future Prospects
Elon Musk emphasized that the futures of both entities are deeply intertwined, and the merger is expected to unlock substantial potential. It will help pursue the mission of truth and enlightenment while accelerating human progress.
The merger of xAI and X reflects Elon Musk’s strategy to enhance the growth of his ventures through consolidation. The agreement secures investors’ interests and aims to create more intelligent and meaningful user experiences.
