Elon Musk’s xAI buys social media platform X for – Business News
Elon Musk mentioned on Friday that his xAI has acquired X, the social media app previously often called Twitter, in an all-stock transaction for $45 billion, together with $12 billion debt.
“xAI and X’s futures are intertwined. Today, we officially take the step to combine the data, models, compute, distribution and talent,” Musk mentioned in a post on X, including that the mixed company can be valued at $80 billion.
Neither X nor xAI instantly responded to a request for remark.
Elon Musk mentioned his xAI has acquired X, the social media app previously often called Twitter, in an all-stock transaction for $45 billion, together with debt. REUTERS
The billionaire’s AI startup, which was launched in 2023, just lately raised $6 billion from buyers in a funding spherical that valued the company at $40 billion, sources instructed Reuters earlier.
Musk in February made a $97.4 billion bid with a consortium for the ChatGPT maker OpenAI, which was rejected, with OpenAI saying that the startup was not for sale.
Musk mentioned the mixed company can be valued at $80 billion. gguy – stock.adobe.com
As competitors in AI intensifies, xAI has been ramping up its information middle capability to coach more superior fashions, and its supercomputer cluster in Memphis, Tennessee, referred to as “Colossus,” is touted as the biggest on this planet.
xAI launched Grok-3, the most recent iteration of its chatbot, in February, because it tries to compete with Chinese AI firm DeepSeek and Microsoft-backed OpenAI.
Musk clinched a deal in 2022 to buy X for $44 billion, ending its run as a public company since its 2013 initial public offering, declaring that “the bird is freed” as soon as the acquisition closed.
