Tech billionaire Elon Musk has sold social media site X to his own xAI artificial intelligence company in a 33 billion US dollars deal, the billionaire announced last night.
Musk said in a social media post that the move will unlock immense potential by blending xAI’s advanced AI capability and expertise with X’s massive reach. He said the deal values xAI at 80 billion US dollars and X at 33 billion US dollar.
Musk, who serves as CEO of Tesla and SpaceX as well as an advisor to President Donald Trump, bought the site then called Twitter for 44 billion dollar in 2022. He launched xAI a year later.
“xAI and X’s futures are intertwined. Today, we officially take the step to combine the data, models, compute, distribution and talent,” Musk said in a post on X, formerly known as Twitter.
Musk, who also serves as CEO SpaceX and is an advisor to President Donald Trump, bought X, then known as Twitter, for $44 billion in 2022. He ushered in a slew of changes prompting some major advertisers to flee. He laid off 80 per cent of the company’s staff changed policies on hate speech, misinformation and user verification apart from renaming it X.