Elon Musk sells X to his own xAI for $33 billion in all-stock deal
Headline from WFMZ Allentown
Elon Musk has sold social media site X to his own xAI artificial intelligence company in a $33 billion all-stock deal, the billionaire announced on Friday.
WFMZ Allentown's own description from its feed. We collect headlines and these descriptions, not full articles; read the original reporting below.
"xAI and X's futures are intertwined. Today, we officially take the step to combine the data, models, compute, distribution and talent," Musk said in a post on X, adding that the combined company would be valued at $80 billion.
Elon Musk on Friday evening announced he has sold his social media company, X, to xAI, his artificial intelligence company, in a deal that values X at $33 billion, much less than he paid for it in 2022 but a significant rebound from its moribund valuation just a few months ago.
Elon Musk has sold social media site X to his own xAI artificial intelligence company in a $33 billion all-stock deal, the billionaire announced on Friday.
Elon Musk’s artificial intelligence company xAI has acquired the tech billionaire’s social media platform X in a blockbuster deal that values X at $33 billion.
Elon Musk has sold X, formerly Twitter, to his AI company xAI in a $33 billion all-stock deal, signaling deeper integration between artificial intelligence and the social media platform.
The companies are being combined in an all-stock deal that values xAI at $80 billion and X at $33 billion, factoring in the social network's $12 billion debt.
X, formerly Twitter, has been acquired by xAI, Elon Musk’s public-benefit AI corporation and the maker of AI chatbot Grok, in a deal worth $45 billion.
In a late-Friday message on his social media network X, the Tesla CEO said his artificial intelligence company, xAI, had acquired X in an all-stock transaction.
Elon Musk said Friday that he had sold X, his social media company, to xAI, his artificial intelligence startup, in an unusual arrangement that shows the financial maneuvering inside the business empire of the world’s richest man.
Elon Musk has announced that his artificial intelligence startup, xAI, has acquired X in an all-stock deal valuing the social media platform at $33 billion.
