Elon Musk Says His AI Firm Has Acquired X In All-Stock Deal Valuing Social Media Platform At $33 Billion
deadline.comX, the social media site formerly known as Twitter, is changing its address but staying within Elon Musk‘s corporate portfolio.
In a post on X, Musk said his artificial intelligence firm xAI acquired X in an all-stock deal valuing the platform at $45 billion, minus $12 billion in debt.
The valuation of X ($33 billion) and xAI ($80 billion) create a merged entity worth $113 billion, according to Musk. Musk bought Twitter in 2022 for $44 billion, with his proposal to acquire the company dragging on for months and no rival offers materializing.
After he rebranded it to X and overhauled its operations, shrinking its staff to a fraction of its previous size and relentlessly tinkering with its algorithm and monetization models, the company lost a significant amount of value.
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