Billionaire Elon Musk said Friday that he has sold social media platform X, which he purchased more than two years ago as Twitter, to his own artificial intelligence (AI) firm xAI for $33 billion (€30.5 billion) in all-stock proceeds.
Since both businesses are privately held, they are exempt from public disclosure requirements regarding their financial information. According to a post on X by Musk, who also leads the automaker Tesla and the aerospace company SpaceX, the move would “unlock immense potential by blending xAI’s advanced AI capability and expertise with X’s massive reach.
While adhering to our fundamental purpose of discovering the truth and expanding knowledge, the merged firm will provide billions of people with smarter, more meaningful experiences,” he continued.
According to Musk, the deal is worth $80 billion (€74 billion) for xAI and $33 billion (€30.5 billion) for X. The South African tech tycoon, who also advises President Donald Trump and leads the unofficial DOGE department, paid $44 billion (€40 billion) in 2022 to acquire the website, which was then known as Twitter. He then sacked its employees, altered its rules regarding hate speech, disinformation, and user verification, and rebranded it as X.
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