Elon Musk’s AI company buys X in blockbuster $33B stock deal

Elon Musk’s artificial intelligence company, xAI, has acquired his social media platform, X, in a deal that values X at $33 billion.

The all-stock transaction combines xAI’s advanced AI technology with X’s broad reach.

Musk announced the merger on Friday, stating that the combined company would create smarter experiences for billions of users while advancing knowledge.

xAI’s AI chatbot, Grok, integrated into X, will compete with other AI tools like ChatGPT, Fox Business has reported.

The deal follows Musk’s acquisition of X for $44 billion in 2022 and aligns with his broader goals to transform the platform and accelerate human progress.

read.more: https://www.foxbusiness.com/technology/elon-musks-ai-company-buys-x-blockbuster-33b-stock-deal

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