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, based on CNBC.
“xAI has acquired X in an all-stock transaction. The mixture 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 title of the corporate to X, and based xAI simply 5 months later as a man-made intelligence firm. Musk’s tweet asserting the sale referred to as X the “real-time supply of floor reality” for 600 million energetic customers globally.
In actuality, Musk’s modifications to Twitter have remodeled 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 mentioned 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 positioning.
Musk clearly sees a chance for his social media firm and AI corporations to develop higher collectively, maybe as a result of the X model has turn out to be so poisonous to regular folks. Traffic at X reportedly plummeted after the 2024 presidential election.
“xAI and X’s futures are intertwined. Today, we formally take the step to mix the info, fashions, compute, distribution and expertise. This mixture will unlock immense potential by mixing xAI’s superior AI functionality and experience with X’s large attain,” Musk’s tweet reads.
Musk’s tweet actually tried to emphasize that his corporations are all about “reality,” one thing contradicted by his frequent lies and obfuscations about his actions with DOGE. Just yesterday, Musk mentioned that he was going to offer folks on Social Security more cash, 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 reality and advancing information,” Musk’s tweet reads. “This will permit us to construct a platform that doesn’t simply replicate the world however actively accelerates human progress.”
Musk closed his tweet by utilizing considered one of his favourite phrases, “hardcore,” to thank the workers at each corporations.
“I want to acknowledge the hardcore dedication of everybody at xAI and X that has introduced us thus far. This is only the start. Thank you on your continued partnership and help,” Musk wrote.
