xAI has acquired X, formerly known as Twitter, in an all-stock deal, valuing the companies at $80 billion and $33 billion, respectively, Elon Musk announced in a post on the socia media platform Friday.
The move is not surprising given the increasingly close relationship between the two companies—both owned by Musk. xAI’s chatbot, Grok, has not only been made available to paying customers of X, but is also using the social media network’s data to improve its capabilities.
The tech mogul is also known for intertwining his various businesses, like Tesla‘s purchase of SolarCity and Musk pulling SpaceX and Tesla resources into his management of X.
The resulting valuations for each business also reach Musk’s targets. The AI company was seeking $10 billion in funding at a $75 billion valuation in February, Bloomberg reported. And minus $12 billion in debt., X’s $33 billion price tag is just above the $44 billion he paid for the company in 2022.
The social media business has been on a roller coaster, dealing with a flight from advertisers soon after Musk’s takeover.
Featured image by Beata Zawrzel/ Getty Images
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