Elon Musk on Friday announced that xAI has acquired X, platform formerly known as Twitter, in an all-stock transaction for $45 billion, including debt. The 53-year-old further added that the combined company would be valued at $80 billion.
Elon Musk said X has been sold to xAI (REUTERS)
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"xAI and X's futures are intertwined. Today, we officially take the step to combine the data, models, compute, distribution and talent," Musk said in a post on X.
“The combined company will deliver smarter, more meaningful experiences to billions of people while staying true to our core mission of seeking truth and advancing knowledge," he further added.
Musk, the richest person in the world, acquired Twitter in October 2022. The Tesla and SpaceX CEO completed the deal at an offer price of $54.20 a share, which cost him roughly $44 billion. Within days, the billionaire fired top executives and laid off half of the company's staff.
xAI was founded by Elon Musk in 2023. The 53-year-old is the primary owner and driving force behind the company. It’s a private company focused on building AI. Public details about additional ownership stakes are not known yet.
X Corp. is a private tech company wholly owned by X Holdings Corp., which is largely controlled by Elon Musk. It was established in March 2023 when Twitter, Inc. merged into it. Headquartered in Bastrop, Texas, X Corp. is led by CEO Linda Yaccarino, who took over in June 2023. Musk serves as Executive Chairman and CTO. Mahmoud Reza Banki joined as CFO in November 2024.
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Home/World News/Us News/Who owns xAI? Elon Musk says his social media platform X has been sold to AI company
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