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xAI Acquires X (formerly Twitter)
xAI, the artificial intelligence company, has officially acquired X, which was formerly known as Twitter. This marks a significant shift as both companies combine their resources and technologies.
Transaction Valuation
The deal, announced by Elon Musk, values the two companies at a combined total of $80 billion. The agreement was made through an all-stock exchange, which means no cash was exchanged, only stock shares.
Valuation Breakdown
After accounting for debts, the value of xAI is set at $80 billion, while X (formerly Twitter) is valued at $33 billion. This difference in valuation reflects the financial health and contributions of each company.
Strategic Integration of AI Technology
The acquisition is seen as a strategic move to enhance X’s platform by integrating XAI’s advanced artificial intelligence technologies. This will likely improve the user experience and bring innovative AI features to X.
Elon Musk's Continued Leadership
Elon Musk will continue as the CEO of X after the acquisition. This ensures continuity in leadership and vision for the future of the platform, even with the change in ownership.