Elon Musk Selling X to xAI
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Elon Musk announced on his social media company X that xAI, his artificial intelligence startup, had bought X in an all-stock transaction.
From Forbes
Forty-nine percent of respondents said they view Musk unfavorably, compared to only 39 percent who view him positively, according to the poll.
From Newsweek
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Elon Musk has sold social media site X to his own xAI artificial intelligence company in a $33 billion all-stock deal, the billionaire announced on Friday. Both companies are privately held, which means they are not required to disclose their finances to the public.
Welcome back to Week in Review! Elon Musk says that xAI bought X in an all-stock deal; a16z-backed 11x faked some customers; the Lumon Terminal Pro pops
Tesla Inc. (TSLA, Financials) shares fell 3.5% Friday and extended losses by another 6% in premarket trading Monday after CEO Elon Musk said his artificial intelligence company xAI acquired social media platform X in an all-stock transaction.
AI, the company that created the artificial intelligence bot known as Grok, is now the proud owner of X, the social media platform.
Catch up on the top artificial intelligence news and commentary by Wall Street analysts on publicly traded companies in the space with this
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Elon Musk made a shock announcement Friday that his artificial intelligence venture xAI has acquired his X social media platform in an all-stock transaction for $45 billion – a billion more than the mogul paid for the site in 2022.
The merger will “combine the data, models, compute, distribution and talent” of the two companies, according to Elon Musk. In particular, Grok AI is expected to expand on X.
The companies are being combined in an all-stock deal that values xAI at $80 billion and X at $33 billion, factoring in the social network's $12 billion debt.
Elon Musk announced that X, f.k.a. Twitter, has been acquired by his own xAI in an all-stock transaction.