Elon Musk’s xAI buys Elon Musk’s X for $33 billion on paper
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Summary
Elon Musk’s AI company, xAI, has acquired Twitter-alternative X (formerly known as Twitter), in an all-stock transaction that values xAI at 80bnandXat33bn, including $12bn debt.
Musk had previously announced that access to the data trove from Twitter/X would give xAI an advantage.
xAI’s Grok tool has already been placed prominently in the social app, and this week it has integrated with Telegram.
It’s the second company deal for Musk, after Tesla acquired SolarCity in 2016 for $2.6bn, dropping the “Motors” from the name and with Musk being the largest individual shareholder at the time.
X CEO, Linda Yaccarino, responded to the deal with a tweet stating “the future could not be brighter”.