Elon Musk transfers ownership of X to xAI

Elon Musk transfers ownership of X to xAI

Elon Musk announced on his X handle that the ownership of X, formerly Twitter has been transferred to xAI in an all-share deal valued at $33 billion. The merger has raised xAI valuation to $80 billion and X’s to $33 billion after accounting for $12 billion in debt. The need for the merger is to bring together xAI’s artificial intelligence skills and technology with X’s influence to enhance both platform's users smarter experiences. Musk cited that both companies plan on combining “data, models, compute, distribution, and talent,” using the latter’s reach as a social platform to expand the former’s advanced AI capability. Remember, Elon Musk acquired Twitter for $44 billion in 2022 and changed it name to "X". Now, during Musk announcement about the merger on X, he noted that X is currently in a debts of $12 billion, bringing it valuation down to $33 billion as of 2025. Since both companies are private organizations, they don’t have to share their financial details to the gen…