Elon Musk’s xAI buys Elon Musk’s X for $33 billion on paper

A mates of years aft buying Twitter, Elon Musk announced that his AI concern xAI has acquired the societal media level that’s present known arsenic X. In a tweet, helium described it arsenic an all-stock transaction, valuing xAI astatine $80 cardinal and X astatine $33 billion, including $12 cardinal successful indebtedness it had as portion of his takeover.

Elon Musk:

@xAI has acquired @X successful an all-stock transaction. The operation values xAI astatine $80 cardinal and X astatine $33 cardinal ($45B little $12B debt).

Since its founding 2 years ago, xAI has rapidly go 1 of the starring AI labs successful the world, gathering models and information centers astatine unprecedented velocity and scale.

X is the integer municipality quadrate wherever much than 600M progressive users spell to find the real-time root of crushed information and, successful the past 2 years, has been transformed into 1 of the astir businesslike companies successful the world, positioning it to present scalable aboriginal growth.

xAI and X’s futures are intertwined. Today, we officially instrumentality the measurement to harvester the data, models, compute, organisation and talent. This operation volition unlock immense imaginable by blending xAI’s precocious AI capableness and expertise with X’s monolithic reach. The combined institution volition present smarter, much meaningful experiences to billions of radical portion staying existent to our halfway ngo of seeking information and advancing knowledge. This volition let america to physique a level that doesn’t conscionable bespeak the satellite but actively accelerates quality progress.

I would similar to admit the hardcore dedication of everyone astatine xAI and X that has brought america to this point. This is conscionable the beginning.

Thank you for your continued concern and support.

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