Elon Musk's xAI has finalized a deal to acquire the social media platform X (formerly Twitter). The deal values xAI at $80 billion and X at $33 billion, including $12 billion in debt.
Deal Details
The acquisition of X by xAI was executed through an all-stock transaction. According to the valuation, xAI is valued at $80 billion, while X is valued at $33 billion, accounting for $12 billion in debt.
Company Profiles
Founded two years ago by Elon Musk, xAI has rapidly become a leader in artificial intelligence, developing models and data centers at an unprecedented pace. X serves as a digital town square with over 600 million active users seeking real-time information.
Future Prospects
The integration of xAI and X aims to consolidate data, models, computing resources, and distribution channels. Musk anticipates that the merger will unlock significant potential by blending xAI's advanced AI capabilities with X's broad audience.
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 users.
