Musk made the announcement regarding the matter on his X account.
In his post, Musk stated that xAI acquired X in an all-stock transaction, noting that this deal values xAI at 80 billion dollars and X at 33 billion dollars. Elon Musk also reported that X has 12 billion dollars in debt.
Musk remarked, "Since its founding 2 years ago, xAI has rapidly become one of the world's leading artificial intelligence laboratories by building models and data centers at an unprecedented speed and scale."
Pointing out that X is a resource relied upon by more than 600 million active users, Musk stated that the social media platform has been positioned to achieve scalable growth over the last 2 years.
Expressing that the futures of xAI and X are now intertwined, Musk noted the following:
"Today, we are officially taking the step to combine data, models, computing, distribution, and talent. This merger will unlock massive potential by blending xAI's advanced artificial intelligence capabilities and expertise with X's immense reach. The combined company will offer smarter, more meaningful experiences to billions of people while remaining true to our fundamental mission of seeking the truth and advancing knowledge. In this way, we will be able to create a platform that not only reflects the world but also actively accelerates the progress of humanity."
Appreciating the great dedication of everyone at xAI and X who brought them to this point, Musk emphasized that this is just the beginning.
News Source: AA
