Elon Musk introduced Friday that his firm xAI is shopping for X, the social media platform previously often called Twitter, in an all-stock deal. The transaction values xAI at $80 billion and X at $33 billion, in response to CNBC.
“xAI has acquired X in an all-stock transaction. The mix values xAI at $80 billion and X at $33 billion ($45B much less $12B debt),” Musk tweeted Friday night.
Musk bought Twitter in October 2022 for about $44 billion, altering the identify of the corporate to X, and based xAI simply 5 months later as a synthetic intelligence firm. Musk’s tweet asserting the sale referred to as X the “real-time supply of floor fact” for 600 million lively customers globally.
In actuality, Musk’s modifications to Twitter have reworked it right into a hotbed of far-right extremism, the place neo-Nazis and conspiracy theorists who have been as soon as banned—from Nick Fuentes to Alex Jones—have been welcomed again with open arms. Musk had beforehand stated he wouldn’t reinstate Jones, who had been banned in 2018, however apparently modified his thoughts a couple of 12 months after shopping for the location.
Musk clearly sees a possibility for his social media firm and AI firms to develop higher collectively, maybe as a result of the X model has change into so poisonous to regular individuals. Visitors at X reportedly plummeted after the 2024 presidential election.
“xAI and X’s futures are intertwined. Right now, we formally take the step to mix the info, fashions, compute, distribution and expertise. This mix will unlock immense potential by mixing xAI’s superior AI functionality and experience with X’s huge attain,” Musk’s tweet reads.
Musk’s tweet actually tried to emphasize that his firms are all about “fact,” one thing contradicted by his frequent lies and obfuscations about his actions with DOGE. Simply yesterday, Musk stated that he was going to present individuals on Social Safety extra money, one thing he has completely no authority to do.
“The mixed firm will ship smarter, extra significant experiences to billions of individuals whereas staying true to our core mission of in search of fact and advancing data,” Musk’s tweet reads. “This can enable us to construct a platform that doesn’t simply replicate the world however actively accelerates human progress.”
Musk closed his tweet by utilizing one among his favourite phrases, “hardcore,” to thank the employees at each firms.
“I wish to acknowledge the hardcore dedication of everybody at xAI and X that has introduced us so far. That is only the start. Thanks in your continued partnership and help,” Musk wrote.
