Elon Musk announced that xAI, his artificial intelligence startup, has acquired the X platform, previously Twitter, for $33 billion in an all-stock deal. This merger values xAI at $80 billion and positions the new entity, XAI Holdings, with a total value exceeding $100 billion. The deal aims to strengthen the relationship between xAI and X, leveraging their data and technology, which will enhance xAI's chatbot capabilities. This acquisition also resolves uncertainty for X's backers amid user exodus and operational changes initiated by Musk after he took ownership of the platform.
The combination values xAI at $80 billion and X at $33 billion, describing the purchase as an all-stock transaction, streamlining Musk's business ventures.
Musk stated, 'Today, we officially take the step to combine the data, models, compute, distribution, and talent,' merging xAI's AI capabilities with X's reach.
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