Elon Musk Sells X to xAI in a $33 Billion Deal
In a groundbreaking move, Elon Musk has sold his social media platform, X, to his artificial intelligence company, xAI, for a staggering $33 billion. The deal, announced this week, marks a significant shift in Musk's business portfolio and raises questions about the future direction of both X and xAI.
The sale of X, previously known as Twitter, to xAI is seen as a strategic move to integrate social media with advanced AI technologies. Musk, who has been vocal about his vision for AI, believes that combining X's vast user base with xAI's AI capabilities could revolutionize how people interact online.
Financial analysts have noted that the $33 billion valuation reflects the high expectations for the synergy between X and xAI. The deal was financed through a combination of cash and stock, with xAI issuing new shares to fund the acquisition. This move has also sparked speculation about Musk's next steps, especially in light of his recent comments about potentially stepping down from other high-profile projects.
The sale has been met with mixed reactions from the tech community and X users, with some expressing concerns about privacy and data usage, while others are excited about the potential innovations that could arise from this merger.
Detailed Elon Musk announces sale of X to xAI for $33 billion
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What is Elon Musk's xai?
Tech billionaire Elon Musk's xAI artificial intelligence firm has acquired his social media company X, formerly known as Twitter, for $33 billion (€30.5 billion). Musk announced the transaction in a post on X, saying: 'The combination values xAI at $80 billion and X at $33 billion ($45B less $12B debt).'
Who bought X with Elon?
Elon Musk said on Friday that he had sold X, his social media company, to xAI, his artificial intelligence start-up, in an unusual arrangement that shows the financial maneuvering inside the business empire of the world's richest man.
Who acquired X?
March 28 (Reuters) - Elon Musk's xAI has acquired X in a deal that values the social media platform at $33 billion and allows the value of his artificial intelligence firm to be shared with his co-investors in the company formerly known as Twitter.
Did X get sold to XAi?
Elon Musk's artificial intelligence firm xAI has acquired his X, formerly known as Twitter, for around $52.3 billion. The all-stock deal combines two of Mr Musk's multiple portfolio companies.
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