Musk unveils xAI merger with social media platform X in all-stock deal
(MENAFN) Elon Musk announced on Friday that his artificial intelligence startup, xAI, has merged with his social media platform, X, in an all-stock deal.
According to Musk, the deal values xAI at $80 billion and X at $33 billion (taking into account $45 billion in value less $12 billion in debt). He stated, "xAI has acquired X in an all-stock transaction."
In a post on X, Musk emphasized the synergy between the two entities, writing, "xAI and X's futures are intertwined. Today, we officially take the step to combine the data, models, compute, distribution and talent." He further explained that the merger would "unlock immense potential by blending xAI's advanced AI capability and expertise with X's massive reach."
Linda Yaccarino, CEO of X, also expressed optimism about the merger, posting, "The future could not be brighter."
Musk acquired Twitter in late 2022 for approximately $44 billion and subsequently rebranded it as X.
In 2023, Musk founded xAI with the stated ambition to "understand the true nature of the universe."
xAI has been actively involved in the development of advanced AI technologies, including large language models and other software applications. Its Grok chatbot is currently integrated and available for use on the X social media platform.
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