#Twitter # X # XAI # Elon Musk
IBNS-CMEDIA: Tech entrepreneur Elon Musk on Friday announced he has sold his micro-blogging website X to his own AI firm xAI.
Musk made the announcement on X and said: “@xAI has acquired @X in an all-stock transaction.”
xAi will pay $45 billion for X, which also includes $12 billion of debt.
The amount is slightly higher than what Musk paid to buy X in 2022.
The micro-blogging site was then known as Twitter.
“The combination values xAI at $80 billion and X at $33 billion ($45B less $12B debt),” he said.
Musk did not announce any immediate change to X but xAI’s Grok charbot is already integrated with it.
Musk said, “Since its founding two years ago, xAI has rapidly become one of the leading AI labs in the world, building models and data centers at unprecedented speed and scale.”
The entrepreneur said: “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.”
Musk said xAI and X’s futures are intertwined.
“Today, we officially take the step to combine the data, models, compute, distribution and talent,” he said.
Musk said this step 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 said.
Musk had implement several key changes in X after buying it.
Apart from upendign the company’s verification system, Musk had also 80 percent of the company’s staff then.
Musk is now a part of US President Donald Trump Department of Government Efficiency and heads it.
