Musk’s xAI buys social media platform X for $71.5b

Elon Musk said on Friday (Saturday AEDT) that his xAI has acquired X, the social media app formerly known as Twitter, in an all-stock transaction for $US45 billion ($71.5 billion), including debt.

“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, adding that the combined company would be valued at $US80 billion.

Reuters