Elon Musk sells X for USD 33 billion to its own firm

Guess what company bought the platform.

X logo

Move to "unlock immense potential"

After acquiring the platform in 2022, billionaire Elon Musk sold social media site X to xAI, an artificial intelligence company he also owns.

Quoting Musk, an ABC News report said the USD 33 billion (around PHP 1.89 trillion) all-stock deal will "unlock immense potential by blending xAI’s advanced AI capability and expertise with X’s massive reach."

Musk said the deal values xAI at USD80 billion (around PHP 4.59 trillion) and X at USD 33 billion.

Today, we officially take the step to combine the data, models, compute, distribution and talent. This combination will unlock immense potential by blending xAI's advanced AI capability and expertise with X's massive reach, Musk wrote on X. The combined company will deliver smarter, more meaningful experiences to billions of people while staying true to our core mission of seeking truth and advancing knowledge.

There is still no information on whether this move will affect X users.

What do you think, guys?

Via: ABC News