Elon Musk has officially stepped aside as X’s owner — at least on paper.
Musk revealed today (Mar. 28) that xAI — his artificial intelligence company — has taken over the platform previously called Twitter. The deal happened through an all-stock transaction valuing xAI at $80 billion and X at ($33 billion).
“xAI and X’s futures are intertwined. Today, we officially take the step to combine the data, models, compute, distribution and talent,” Musk posted on the platform. “This combination will unlock immense potential by blending xAI’s advanced AI capability and expertise with X’s massive reach.”
“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,” Musk added. “This will allow us to build a platform that doesn’t just reflect the world but actively accelerates human progress.”
Musk previously bought X back in 2022 for a hefty $44 billion in a complete buyout.
While Musk has gotten much wealthier from this deal, don’t expect him to snatch up TikTok anytime soon. Back in January, during a summit for German media company Axel Springer SE, Musk made it clear he wants nothing to do with the popular app.
“I have not put in a bid for TikTok,” he stated. “I don’t have any plans for what I would do if I had TikTok.”
Musk then admitted he knows nothing about the platform and doesn’t use it. “I’m not chomping at the bit to acquire TikTok, I do not acquire companies in general, it’s quite rare,” he explained. “I usually build companies from scratch.”
