Elon Musk has officially sold X, the social media platform formerly known as Twitter, to his artificial intelligence company xAI for a staggering $33 billion. This acquisition was reported by iXBT and is set to merge the tech giant’s social media platform with advanced AI capabilities.
Musk announced the deal on X, stating that the merger is valued at $80 billion with X being assessed at $33 billion after accounting for $12 billion in debt. He remarked, ‘AI and the future of X are intertwined. Today we officially begin merging data, models, compute, distribution, and talent.’
Despite the monumental move, both xAI and X have yet to respond to numerous inquiries regarding the details of the transaction. Key unanswered questions include how investor compensation will be handled, the integration of leadership structures, and potential regulatory responses.
Analyst Paolo Pescatore from PP Foresight expressed surprise at the acquisition, stating, ‘This development feels surprising and somewhat unexpected. In many ways, it closes a dramatic chapter in the X saga.’
For context, Musk previously acquired Twitter on October 27, 2022, and has since rebranded it as X.
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