Source: CNBC
“Elon Musk said on Friday that his startup xAI has merged with X, his social network, in an all-stock transaction that values the artificial intelligence company at $80 billion and the social media company at $33 billion. ‘xAI and X’s futures are intertwined,’ Musk, the world’s richest person, wrote in a post on X. ‘Today, we officially take the step to combine the data, models, compute, distribution and talent.’ … Because both companies are privately held and controlled by Musk, the transaction likely amounts to a stock swap, with X investors getting paid out in xAI shares. The companies have a number of mutual investors, including venture firms Andreessen Horowitz and Sequoia Capital, as well as Fidelity Management, Vy Capital and Saudi Arabia’s Kingdom Holding Co.” (03/28/25)