Elon Musk’s artificial intelligence company xAI has decided to acquire his social media platform, X. According to media reports, xAI will acquire X for approximately $33 billion.
Musk himself confirmed this through a tweet, stating, “The combination values xAI at $80bn and X at $33bn ($45B less $12B debt).”
He further mentioned, “xAI and X’s futures are intertwined. Today, we officially take the step to combine data, models, compute, distribution, and talent.”
xAI is Musk’s private AI company, founded in March 2023, with the goal of competing with OpenAI’s ChatGPT and Google’s Gemini in the AI race.
Linda Yaccarino, The chief executive of X also shared her thoughts on X, stating, “The future could not be brighter.”
Since acquiring Twitter in 2022, Musk has introduced several changes, including removing the free verification program, launching paid memberships, and rebranding Twitter as X.
However, X’s financial outlook has not seen much growth. According to Fidelity, one of the investors that participated in Musk’s acquisition, X’s valuation plummeted to $12 billion in December, the New York Times reported.
Earlier, it was claimed that, social site X, which was also known as Twitter, has gained the valuation of $44 billion valuation. This is the same valuation on which Elon Musk has bought Twitter in the year 2022 and made it private held company.
