Musk Sells X To Own Company, xAI, In $33B All-Stock Deal
Elon Musk has announced that he sold
social media platform X to his xAI artificial intelligence company in a
$33 billion all-stock deal.
On Friday, Musk made a post on X, stating that the move will “unlock
immense potential by blending xAI’s advanced AI capability and expertise
with X’s massive reach.”
“Since its founding two years ago, xAI has rapidly become one of the
leading AI labs in the world,” he wrote. “X is the digital town square
where more than 600 million active users go to find the real-time source
of ground truth.” Musk went on to state that xAI was valued at $80
billion, and X at “$45B less $12B debt.”
“xAI and X’s futures are intertwined,” he explained. “The combined
company will deliver smarter, more meaningful experiences to billions of
people while staying true to our core mission of seeking truth and
advancing knowledge. This will allow us to build a platform that doesn’t
just reflect the world but actively accelerates human progress.”
@xAI has acquired @X in an all-stock transaction. The combination values xAI at $80 billion and X at $33 billion ($45B less $12B debt).
Since
its founding two years ago, xAI has rapidly become one of the leading
AI labs in the world, building models and data centers at…
No comments:
Post a Comment