xAI Acquires Social Media Platform X in $33 Billion Deal

xAI Acquires Social Media Platform X in $33 Billion Deal

Elon Musk's AI company, xAI, has acquired the social media platform X in an all-stock transaction valued at $33 billion. The merger aims to integrate AI capabilities with X's extensive user base.

Elon Musk's AI company, xAI, has acquired the social media platform X in a deal valued at $33 billion, according to CNBC. The transaction, structured as an all-stock deal, aims to combine xAI's advanced AI capabilities with X's extensive reach.

Musk announced the merger on X, highlighting the integration of data, models, compute, distribution, and talent between the two companies. The acquisition is expected to enhance xAI's ability to train its chatbot, Grok, by leveraging X's user data and distribution network.

The deal values xAI at $80 billion and involves a stock swap, with X investors receiving shares in xAI. This strategic move is seen as a consolidation of Musk's leadership across his ventures, further intertwining the futures of xAI and X.

We hope you enjoyed this article.

Consider subscribing to one of several newsletters we publish like AI Funding Brief.

Also, consider following us on social media:

AI Funding News
AI Brief (X)

More from: Funding

Subscribe to AI Funding Brief

AI Token Webinar

Market report

Superagency in the Workplace: Empowering People to Unlock AI’s Full Potential

This report explores the transformative potential of artificial intelligence in the workplace, emphasizing the readiness of employees versus the slower adaptation of leadership. It highlights the significant productivity growth potential AI offers, akin to historical technological shifts, and discusses the barriers to achieving AI maturity within organizations. The report also examines the role of leadership in steering companies towards effective AI integration and the need for strategic investments to harness AI's full capabilities.

Read more

You May Also Like