Elon Musk said Friday his artificial intelligence startup, xAI, has acquired his social media platform, X, for $33 billion in an all-stock transaction.
Musk announced the acquisition Friday evening. (Photo by Emin Sansar/Anadolu Agency via Getty ... More
Musk announced the deal in a Friday post, saying it valued xAI at $80 billion and X at $33 billion, or $45 billion if the social network’s $12 billion in debt is included.
Musk, who purchased X for $44 billion in 2022, when it was known as Twitter, said the acquisition entails the combination of xAI and X’s “data, models, compute, distribution and talent.”
The two Musk-owned companies already have plenty of overlap, with X’s AI chatbot, Grok, being developed by xAI, and all xAI staffers being X employees, at least on paper, according to The Verge.
An $80 billion valuation for xAI places it somewhat closer to rival AI company OpenAI, which is currently valued at $157 billion and is close to finalizing a SoftBank-led funding round that will boost its valuation to a whopping $300 billion, according to Bloomberg.
We estimate Musk’s net worth at $342.9 billion, making him the wealthiest person in the world and placing him well ahead of Amazon co-founder Jeff Bezos’ and Meta CEO Mark Zuckerberg’s new worths, which are $209.2 billion and $199.5 billion, respectively.
This is a developing story. Check back for updates.