Musk announces selling X

2025-04-10 06:56:18

(MENAFN) Elon Musk has announced that his AI startup, xAI, has acquired the social media platform X, which he also owns. The acquisition, confirmed in a Friday post on X, is an all-stock transaction. Musk stated that xAI, founded just two years ago, has rapidly grown into one of the world’s leading AI labs, building models and data centers at unprecedented speed and scale.

Musk described X as "the digital town square" where over 600 million active users go for real-time information. After acquiring Twitter in late 2022, Musk implemented significant cost-cutting measures, staff reductions, and relaxed content restrictions, while reinstating some banned accounts. He emphasized that X has now become one of the most efficient companies globally, positioning it for scalable growth.

Musk stated that the futures of xAI and X are now closely linked, combining their data, models, resources, and talent to drive forward AI development. Musk has been focusing on establishing his dominance in the AI field and recently tried to lead an investment group to buy OpenAI, the creator of ChatGPT, for nearly $100 billion—an offer that was rejected.

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