NEW YORK
Elon Musk announced Friday that xAI has bought X, the social media platform previously known as Twitter.
“@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 wrote on X.
xAI was founded by Musk in March 2023 and is known for developing the AI chatbot Grok which is integrated into X.
“X is the digital town square where more than 600M active users go to find the real-time source of ground truth and, in the last two years, has been transformed into one of the most efficient companies in the world, positioning it to deliver scalable future growth,” said Musk.
He added that the future of xAI and X is “intertwined” and the acquisition marks the step toward recognizing the combination.
“This combination will unlock immense potential by blending xAI’s advanced AI capability and expertise with X’s massive reach. The combined company will deliver smarter, more meaningful experiences to billions of people while staying true to our core mission of seeking truth and advancing knowledge,” he said.
Musk pointed out that the development will allow the companies to accelerate “human progress.”
X was acquired by Musk in 2022 for $44 billion.
