Elon Musk’s artificial intelligence company Xai has acquired social media platform X (formerly Twitter) in an all-stock deal. The deal values Xai at $80 billion and X at $33 billion, accounting for $12 billion in debt.
According to Elon Musk, Xai, founded two years ago, quickly became an artificial intelligence lab, developing models and data centers at an unprecedented pace. X acts as a digital town square with over 600 million active users seeking real-time information.
According to the statement, Xai and X integration aim to combine data, models, computing resources, distribution channels and capabilities. Musk hopes that this merger unlocks important possibilities by blending Xai’s advanced AI capabilities with X’s wide reach.
The total company continues to be committed to pursuing truth and advances in knowledge as it plans to provide billions of people with smarter and more meaningful experiences.
*This is not investment advice.
