Billionaire entrepreneur Elon Musk announced on Friday that X.AI Corp. (doing business as xAI) acquired the social media platform X in an all-stock transaction.
"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," Musk stated in a post on X.
The billionaire also noted that this "combination" values xAI at $80 billion and X at $33 billion, adding that this is "just the beginning."
