Twist..!! Elon Musk suddenly sold the company X..!?

Everyone knows that Elon Musk, the world's richest man, bought twitter after months of struggle by borrowing, but after buying twitter, he did not get the expected income from Twitter. Not only this, the loan taken to acquire twitter was strangling Elon Musk. In this situation, Elon Musk has sold his own twitter company X in its entirety to his own AI company xAI. Through this, the social media platform X is now going to be intertwined with the artificial intelligence company xAI.
Elon Musk has announced that he has completed the transaction to transfer social media platform X to his artificial intelligence company xAI. The acquisition is a full stock exchange, not a cash transaction. It is noteworthy that twitter, which Elon Musk bought for $ 44 billion in 2022, is now being transferred to xAI at a valuation of $ 33 billion. Since both X and xAI are private companies, they do not have to disclose their financial status and valuation calculations to the stock market and the public.

Elon Musk released some important information about the deal in his X post, in which he stated that xAI's advanced AI capabilities and the reach that X has built among the people can provide people with a better, more powerful service. In this company transfer, xAI is valued at $ 80 billion, while X is valued at $ 33 billion, he explained. Elon Musk launched xAI in 2023, and it has since been valued at $80 billion. ChatGPT-created OpenAI, which is valued at $300 billion, was valued at $40 billion on Friday. The merger of xAI and X will see the two companies' data, AI models, computing, distribution, and employees work together. The merger will officially begin today, he said in a tweet on Friday.
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Sowmiya Sriram

29/03/2025 12:21 PM