Elon Musk's xAI firm buys social media platform X for 33bn

Elon Musk's xAI artificial intelligence firm has acquired Musk's X – the social media platform formerly known as Twitter – for 33bn, marking the latest twist in the billionaire's rapid consolidation of power. The all-stock deal announced on Friday combines two of Musk's multiple portfolio companies, which also include automaker Tesla and SpaceX, and potentially eases Musk's ability to train his AI model known as Grok. Musk announced the transaction in a post on X, saying: "The combination values xAI at 80bn and X at 33bn ( 45B less 12B debt)." "xAI and X's futures are intertwined," he wrote. "Today, we officially take the step to combine the data, models, compute, distribution and talent."