Elon Musk’s AI Company xAI Buys Elon Musk’s Social Media Platform X

Elon Musk announced Friday that his company xAI is buying X, the social media platform formerly known as Twitter, in an all-stock deal. The transaction values xAI at $80 billion and X at $33 billion, according to CNBC. “xAI has acquired X in an all-stock transaction. The combination values xAI at $80 billion and X at $33 billion ($45B less $12B debt),” Musk tweeted Friday evening. Musk purchased Twitter in October 2022 for about $44 billion, changing the name of the company to X, and founded xAI just five months later as an artificial intelligence company. Musk’s tweet announcing the sale called X the “real-time source of ground truth” for 600 million active users globally. In reality, Musk’s changes to Twitter have transformed it into a hotbed of far-right extremism, where neo-Nazis and conspiracy theorists who were once banned—from Nick Fuentes to Alex Jones—have been welcomed back with open arms. Musk had previously said he wouldn’t reinstate Jones, who had been banned in 2018, b ... Read full article.