Elon Musk's xAI Acquires X for $33 Billion in All-Stock Deal, Taking $11 Billion Loss from Original Twitter Purchase
Summary
Elon Musk's xAI acquires X (formerly Twitter) for $33 billion in all-stock deal, marking an $11 billion loss from his original $44 billion purchase as he consolidates his AI and social media ventures into one platform.
Key Points
- Elon Musk's xAI acquires X (formerly Twitter) in an all-stock transaction valued at $33 billion, representing an $11 billion loss from the original $44 billion purchase price in 2022
- The deal combines xAI's artificial intelligence capabilities with X's social media platform reach, following Musk's strategy of integrating his AI company's Grok tool within the social app
- This acquisition mirrors Musk's previous corporate consolidation when Tesla acquired SolarCity in 2016, as he continues managing multiple companies while claiming to have '17 jobs'