Elon Musk has announced that his AI startup, xAI, has acquired his social media platform, X, in an all-stock transaction. The deal values xAI at $80 billion and X, formerly known as Twitter, at $33 billion after accounting for debt. In his announcement, Musk emphasized the importance of combining the resources of both companies, suggesting an integrated future where data, models, and talent are shared to enhance their operations. This move marks a significant shift in the tech landscape as Musk intertwines the future of AI and social media.
"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)," Musk said in the post.
"xAI and X's futures are intertwined. Today, we officially take the step to combine the data, models, compute, distribution and talent."
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