Elon Musk's AI startup acquires X in deal that values social media platform at $33 billion

Elon Musk said Friday that his artificial intelligence startup, xAI, had acquired his social media platform, X. He said that the deal was an all-stock transaction that valued X at $33 billion.

Elon Musk said Friday that his artificial intelligence startup, xAI, had acquired his social media platform, X.

He said that the deal was an all-stock transaction that valued X at $33 billion.

"xAI and X’s futures are intertwined. Today, we officially take the step to combine the data, models, compute, distribution and talent," Musk wrote in a post on X.

The deal combines two of Musk's most high-profile companies, but because they are not publicly traded, no details about the deal were made public outside of Musk's post. It's unclear if the deal included any immediate windfall for Musk.

X recently raised $1 billion from investors, valuing it at $44 billion, according to Bloomberg. Musk took X (then Twitter) private in 2022 at nearly the same valuation. Musk was recently served with an SEC summons in the long-running lawsuit over Musk's alleged failure to disclose his ownership in Twitter before bidding to buy it entirely.

https://www.nbcnews.com/tech/tech-news/elon-musk-ai-startup-acquires-x-33-billion-rcna198664

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