March 29, (THEWILL) – Social platform X, formerly known as Twitter, has been sold, Elon Musk announced on Friday.
Musk said that xAI, his artificial intelligence company, acquired X in an all-stock transaction that values xAI at $80 billion and X at $33 billion ($45 billion, his original take-private price, minus $12 billion in debt).
“xAI and X’s futures are intertwined. Today, we officially take the step to combine the data, models, compute, distribution and talent. 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. This will allow us to build a platform that doesn’t just reflect the world but actively accelerates human progress”, Musk wrote onX.
Musk, who serves as CEO of Tesla and SpaceX, as well as an advisor to President Donald Trump, bought the site then called Twitter for $44 billion in 2022. He launched xAI a year later.
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