To Elon Musk's xAI.
From CNBC:
Elon Musk says xAI has acquired X in deal that values social media site at $33 billion
- Elon Musk said on Friday that he’s combining two of his companies, xAI and X, into a single entity.
- In a post on X, Musk said xAI is the acquirer, valued at $80 billion in the deal, while X is valued at $30 billion.
- Musk acquired Twitter for $44 billion in 2022, and later changed the name to X.
Elon Musk said on Friday that his startup xAI has merged with X, his social network, in an all-stock transaction that values the artificial intelligence company at $80 billion and the social media company at $33 billion.
“xAI and X’s futures are intertwined,” Musk, the world’s richest person, wrote in a post on X. “Today, we officially take the step to combine the data, models, compute, distribution and talent.”
He added that the merger would, “unlock immense potential by blending xAI’s advanced AI capability and expertise with X’s massive reach.”
Because both companies are privately held and controlled by Musk, the transaction likely amounts to a stock swap, with X investors getting paid out in xAI shares. The companies have a number of mutual investors, including venture firms Andreessen Horowitz and Sequoia Capital, as well as Fidelity Management, Vy Capital and Saudi Arabia’s Kingdom Holding Co.....
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X had a 25% share of xAI, going back to 2023, which is why X was recently able to raise funds at the original $44 billion valuation.
