Elon Musk announced Friday that his artificial intelligence company, xAI, has acquired his social media platform X in an all-stock deal valued at $45 billion.
“xAI and X’s futures are intertwined. Today, we officially take the step to combine the data, models, compute, distribution and talent,” Musk wrote in a March 28 post on X. “This combination will unlock immense potential by blending xAI’s advanced AI capability and expertise with X’s massive reach.”
The transaction, which includes $12 billion in debt, values xAI at $80 billion and X at $33 billion—more than $10 billion less than what Musk paid in 2022 when he bought the company, then known as Twitter, for $44 billion….