Elon Musk announced the sale of his social media platform, X, to his artificial intelligence company, xAI, for $45 billion, slightly above his original purchase price. The deal includes $12 billion in debt and values X at $33 billion. Musk highlighted that integrating xAI's advanced AI technology with X's extensive user base could yield smarter social media experiences. Although X's valuation fluctuates, this merger signifies a strategic move for Musk amidst scrutiny of his leadership across various companies, particularly following significant layoffs and changes since acquiring X in 2022.
Musk stated that the merger of xAI and X will create a platform capable of delivering smarter, more meaningful experiences by unlocking immense potential through data and AI integration.
Despite selling for slightly more than he paid, Musk acknowledged that X has seen a significant drop in valuation since his acquisition, though recent recovery has improved its worth.
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