Elon Musk’s xAI acquires X social media platform in a 33 billion dollar mega deal: Report

In a significant corporate consolidation, Elon Musk’s artificial intelligence firm, xAI, has acquired X, the social media platform formerly known as Twitter, for $33 billion. This acquisition marks another major move by Musk, who already oversees companies such as Tesla and SpaceX. The deal, structured as an all-stock transaction, strengthens Musk’s control over X and enhances his ability to develop AI technologies, particularly his chatbot model, Grok.

Musk announced the acquisition via a post on X, stating that the deal values xAI at $80 billion and X at $33 billion, accounting for debt adjustments. The merger is expected to integrate the vast data resources of X with xAI’s AI models and computational power, potentially giving xAI an advantage in the increasingly competitive AI market. However, the specifics of the merger, including investor compensation and regulatory considerations, remain unclear.