Elon Musk’s xAI Acquires X, Because of Course

Elon Musk’s artificial intelligence firm xAI has acquired his social media platform X in an all-stock transaction that values the company at $33 billion, including $12 billion worth of debt, the centibillionaire announced Friday. The sale comes just weeks after Musk reportedly raised another roughly $1 billion in debt financing for X that valued the company at $44 billion—the same price Musk paid for it three years ago. “xAI and X’s futures are intertwined,” Musk wrote in an X post. “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.” Both Linda Yaccarino, the CEO of X, and Igor Babuschkin, the co-founder of xAI, immediately posted similar messages on X signaling their support of the acquisition. “The future could not be brighter,” Yaccarino, the CEO of X, wrote. Musk only reposted Babuschkin’s. It is not known w ... Read full article.