Elon Musk’s xAI buys social media platform X for $45B: ‘Futures are intertwined’

Elon Musk said Friday that his xAI has acquired X, the social media app formerly known as Twitter, in an all-stock transaction for $45 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 $80 billion.

The billionaire’s AI startup, which was launched in 2023, recently raised $6 billion from investors at a valuation of $40 billion, sources have told Reuters.

This is a developing story. Please check back for updates.