Elon Musk’s company xAI, which operates in the artificial intelligence industry, has acquired the social media platform X owned by the same billionaire.
The value of the mentioned deal was $33 billion. The media described this business agreement as the latest twist in the rapid consolidation of Elon Musk’s power.
The specified deal was announced on Friday, March 28. In this case, two of the many companies in Elon Musk’s portfolio are being combined.
The media reported that potentially the deal to acquire X could facilitate Mr. Musk’s ability to train his artificial intelligence model called Grok.
Elon Musk announced the deal on the mentioned social media platform. In the corresponding message, he also noted that the combination values of xAI are $80 billion, while X is valued at $33 billion. According to him, the future of a startup developing artificial intelligence and the social media platform is intertwined. He also noted that the deal is the step to combine the data, models, compute, distribution, and talent.
The mentioned startup, which develops artificial intelligence, was launched less than two years ago. As part of the latest round of financing, xAI raised $10 billion. The startup competes directly with OpenAI, co-founded by Elon Musk. Mr. Musk filed a lawsuit in the federal court of California to prevent the transformation of the ChatGPT developer from a non-profit structure into a for-profit business. He accused OpenAI of making commercial results a priority instead of the original value system envisioning the development of artificial intelligence for the benefit of humanity.
As we have reported earlier, xAI Releases Grok 3.
