Elon Musk sells social media platform X, after 3 years of paying $44b, gives reason

This agreement has boosted xAI’s valuation to $80 billion.

Elon Musk has chosen to combine his AI startup, xAI, with his social media platform, X, in a stock-only deal worth $33 billion. This merger has increased xAI’s valuation to $80 billion.

In a post on X, Musk, who owns both companies, mentioned that this merger will merge xAI’s cutting-edge AI technology with X’s large user base and distribution system, creating new possibilities for AI-driven advancements.

Musk wrote: “Since its founding two years ago, xAI has rapidly become one of the leading AI labs in the world, building models and data centers at unprecedented speed and scale.

“X is the digital town square where more than 600 million active users go to find real-time sources of ground truth.”

“The merger brings together xAI’s expertise in artificial intelligence with X’s global reach, aiming to create a platform that delivers “smarter, more meaningful experiences to billions of people while staying true to our core mission of seeking truth and advancing knowledge.”

Elon Musk further stated that the integration of xAI and X is set to reshape AI technologies and social media.

He promised to deliver enhanced, meaningful experiences to billions worldwide while propelling human progress forward.