Elon Musk's AI startup, xAI, has officially acquired the social media platform X (formerly Twitter) through a share swap agreement. This merger values xAI at $80 billion and X at $33 billion, incorporating both companies into a new parent entity called xAI Holdings Corp. Musk emphasized the significance of integrating their systems and resources, highlighting that X has over 600 million active users. The acquisition aligns with Musk's vision to enhance AI capabilities while capitalizing on social media influence, which has seen a valuation shift since its original purchase of $44 billion.
Musk stated that xAI took over X in a transaction in which only shares were used, combining resources of both companies and valuing xAI at $80 billion.
Musk described the future of X and xAI as closely intertwined, stating they are officially combining data, models, computing power, distribution, and talent to enhance their offerings.
This acquisition means that X falls completely under xAI's umbrella, bringing Musk's AI aspirations and social media influence even closer together.
Executives believe that merging X and xAI into xAI Holdings Corp would simplify capital-raising efforts and enhance their competitive stance against rivals like OpenAI.
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