Elon Musk announced the merger of X, formerly Twitter, and xAI, valuing the social media platform at $33 billion following its initial $44 billion purchase in 2022. The all-stock deal emphasizes the intertwined futures of both entities, aiming to leverage xAI's machine learning capabilities with X's extensive user base. The merger will enhance collaborations, allowing xAI's Grok service to integrate deeper with X and provide paying users enhanced features. Crucial deal specifics, like investor approval, remain unclear, raising questions about the financial dynamics of the transaction.
"xAI and X's futures are intertwined. 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."
"Some of the deal's specifics were not yet clear, such as whether investors approved the transaction or how investors may be compensated."
"Musk purchased Twitter for $44 billion in 2022, and now values 'X' at $33 billion, showcasing a significant depreciation compared to its acquisition price."
"Musk said the combined company will build a platform that doesn't just reflect the world but actively accelerates human progress."
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