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X Acquired by Elon Musk’s AI Company for $45 Billion
The deal comes as X has seen major advertisers like Disney and Apple return to the platform in recent months The post X Acquired by Elon Musk’s AI Company for $45 Billion appeared first on TheWrap.
X, Elon Musk’s social media platform, has been acquired by xAI, his artificial intelligence company, in a deal that values X at $45 billion. Musk made the announcement on X on Friday.
“The combination values xAI at $80 billion and X at $33 billion ($45B less $12B debt),” Musk posted.
He added the two companies futures are “intertwined,” and that the deal made sense for both sides.
“Today, we officially take the step to combine the data, models, compute, distribution and talent. This combination will unlock immense potential by blending xAI’s advanced AI capability and expertise with X’s massive reach,” Musk added. “The combined company will deliver smarter, more meaningful experiences to billions of people while staying true to our core mission of seeking truth and advancing knowledge.”
More to come…
The post X Acquired by Elon Musk’s AI Company for $45 Billion appeared first on TheWrap.
