Musk said that the merger is aimed at unlocking significant potential of xAI’s advanced capabilities and with that of X which currently has more than 600 million users.
Elon Musk has sold his social media platform X, formerly Twitter, to his artificial intelligence startup xAI in a deal that valued the company at $33 billion.
"This combination will unlock immense potential by blending xAI's advanced AI capability and expertise with X's massive reach," Musk said in a post on his social network.
The tech giant had bought Twitter for $44 billion in late 2022 in a deal that included debt. In 2023, he launched xAI and invested billions of dollars in high-end Nvidia chips.
The merger, structured as an all-stock deal, values xAI at $80 billion and X at $33 billion, including the social network's $12 billion debt.
Musk said that the merger is aimed at unlocking significant potential of xAI’s advanced capabilities and with that of X which currently has more than 600 million users.
"Today, we officially take the step to combine the data, models, compute, distribution, and talent," Musk said on the merger of two companies.
"This will allow us to build a platform that doesn't just reflect the world but actively accelerates human progress, he added.
In February, xAI released the latest version of its chatbot, Grok 3, which Musk has high hopes for as he thinks it will find traction in a highly competitive sector dominated by the ChatGPT and China's DeepSeek.
The billionaire has described Grok 3 as "scary smart," with 10 times more potent than its predecessor released in August 2024.
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The India Meteorological Department (IMD) has predicted that northwest India will experience 10 to 12 days of heatwave conditions this summer
India is at a crucial juncture in the AI revolution, faced with the option to either remain a service provider or to position itself as a global innovator
Protests and new conversations about judicial transfers have been sparked by Justice Yashwant Varma's transfer from the Delhi High Court to the Allahabad High Court
During the Ugadi festival, the Andhra Pradesh chief minister launched the P4 Bangaru Kutumbam-Margadarsi project in Velagapudi
A recent study in Nature revealed that after more than 40 years, a section of the Pacific Ocean seabed that was mined in 1979 has not recovered
Former king Gyanendra Shah rejects Kathmandu Mayor’s fine over protest damages
PM Modi pays tribute to RSS founder alongside Mohan Bhagwat in Nagpur
US clears landmark nuclear deal, paving way for reactor development in India
Nepal ex-king Gyanendra Shah fined for vandalism as pro-Monarchy turmoil hits Kathmandu
India launches Operation Brahma, delivers first aid shipment to quake-hit Myanmar
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