Elon Musk announced on Friday that his company Xai buys X, the social media platform previously known as Twitter, in an all-share agreement. The transaction estimates XAI at $ 80 billion and X at $ 33 billion, according to Cnbc.
“Xai got X in an all-share transaction. The combination estimates Xai at $ 80 billion and X at $ 33 billion (45B $ less $ 12B debt),” Musk tweeted Friday evening.
Musk bought Twitter in October 2022 for about $ 44 billion, changing the company’s name to X, and founded Xai just five months later as an artificial smart company. Musk’s tweet announcing the sale called X the “real -time source of terrestrial truth” for 600 million active users worldwide.
In fact, Musk’s changes to Twitter transformed it into a hot bed from far-right extremism, where neo-Nazis and conspiracy theorists who were once banned-from Nick Fuentes until Alex Jones-was welcomed with the arms open. Musk previously said he would not restore Jones, who was banned in 2018, but apparently changed his mind about one year after buying the site.
Musk clearly sees an opportunity for its company on social media and AI companies to grow better together, perhaps because the X -mark has become so toxic for normal people. Traffic at X reportedly fell after the 2024 presidential election.
“The futures of Xai and X are linked. Today we officially take the step to combine the data, models, computer, distribution and talent. This combination will unlock huge potential by mixing the high -level AI capacity and expertise of XAI with the massive reach of X,” the Tweet de Musk reads.
Musk’s tweet really tried to emphasize that his companies are about “truth”, something contradicted by his frequent lies and offenses about his activities with Doge. Just yesterday, Musk said he would give people to social security more money, something he has absolutely no authority to do.
“The combined company will deliver smarter, more significant experiences to billions of people as they remain faithful to our core mission to seek truth and progress knowledge,” Musk’s tweet reads. “This will allow us to build a platform that not only reflects the world, but actively accelerates human progress.”
Musk closed his tweet by using one of his favorite words, “hardcore”, to thank the staff at both companies.
“I would like to recognize the hardcore -self -sufficiency of everyone at Xai and X, which took us to this point. This is just the start. Thanks for your ongoing partnership and support,” Musk wrote.
