Elon Musk says xAI has acquired X in deal that values social media site at $33 billion

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Title : Elon Musk says xAI has acquired X in deal that values social media site at $33 billion
Link : Elon Musk says xAI has acquired X in deal that values social media site at $33 billion

Elon Musk said on Friday that his startup xAI has merged with X, his social network, in an all-stock transaction that values the artificial intelligence company at $80 billion and the social media company at $33 billion. xAI and X’s futures are intertwined,” Musk, the world’s richest person, wrote in a post on X. “Today, we officially take the step to combine the data, models, compute, distribution and talent.”

He added that the merger would, “unlock immense potential by blending xAI’s advanced AI capability and expertise with X’s massive reach.” The purchase price, he said, was $45 billion less $12 billion in debt. Because both companies are privately held and controlled by Musk, the transaction likely amounts to a stock swap, with X investors getting paid out in xAI shares. The companies have a number of mutual investors, including venture firms Andreessen Horowitz and Sequoia Capital, as well as Fidelity Management, Vy Capital and Saudi Arabia’s Kingdom Holding Co.

Musk, who’s also CEO of Tesla and SpaceX, acquired Twitter in a deal valued at around $44 billion in late 2022, implementing massive cost cuts and soon renaming it X. Linda Yaccarino, who Musk hired as CEO of X, wrote in a post after Friday’s announcement, “The future could not be brighter.” Musk launched xAI less than two years ago with a stated goal to “understand the true nature of the universe.” The startup has been trying to compete directly with OpenAI, the richly valued AI startup that Musk co-founded in 2015 as a non-profit research lab. He later left OpenAI and has recently been involved in a public relations and legal spat with the company and CEO Sam Altman over the direction that it’s taken. (Ed Note: Remember Skynet from the movie, The Terminator?) (Read More)