US EditionElon Musk says xAI has acquired X in deal that values social media site at $33 billion
- Elon Musk's artificial intelligence company, xAI, acquired X in an all-stock deal announced on Friday, blending the AI company with the social media platform.
- Musk, who purchased Twitter for roughly $44 billion in 2022 and later rebranded it as X, aims to create an "everything app," and this acquisition integrates xAI's Grok chatbot with X's extensive user data and content distribution network.
- The deal values xAI at $80 billion and X at $33 billion, although X has $12 billion in debt, leading to some investors marking down the value of their stakes in X by over 70 percent since Musk's takeover.
- Musk stated, "Today, we officially take the step to combine the data, models, compute, distribution and talent," and the move is intended to unlock immense potential by blending xAI's AI capabilities with X's massive reach.
- This acquisition is expected to intensify competition with OpenAI, a company Musk co-founded but later left, as X provides vital training data and a consumer distribution channel for xAI, potentially leading to smarter experiences for billions of people, though some investors may see the merger as a way to recoup losses and the move will likely draw scrutiny.
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What Is xAI, Elon Musk's Artificial Intelligence Firm That Purchased X For $33 Billion?
Elon Musk founded xAI in 2023, which introduced the chatbot Grok, which rivals OpenAI's ChatGPT and Google's Gemini. The merger combines two of Musk's businesses to create an AI-based platform.
·India
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The start-up of artificial intelligence xAI by Elon Musk buys the social network X by Elon Musk
The richest man in the world announced Friday, March 28th in the evening a deal to associate his box of artificial intelligence with the ex-Twitter, in order to "liberate the immense potential" of the new entity".
·Paris, France
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