In a surprising move announced Friday, Elon Musk has sold the social media platform X to his artificial intelligence company, xAI. The deal, valued at $33 billion, was conducted entirely with stock. This means no cash changed hands; instead, xAI issued stock to acquire X.
The transfer of ownership raises questions about the future of X. Musk has been vocal about his vision for the platform, and integrating AI could play a significant role. Possible changes include AI-powered content moderation, personalized user experiences, and the introduction of new AI-driven features.
While the specifics remain unclear, the sale underscores Musk's deep commitment to artificial intelligence and its potential to transform various industries, including social media. Experts are closely watching to see how this acquisition will reshape the landscape of both X and the broader AI market.
Elon Musk Transfers X to xAI in $33 Billion Deal
Elon Musk has transferred ownership of the social media platform X to his artificial intelligence company, xAI, in a significant $33 billion all-stock transaction. The deal, announced on Friday, reflects Musk's continued investment in and integration of AI technologies. This move could signal a shift in X's future direction, potentially incorporating more AI-driven features and services. The full implications of the transfer are still unfolding.
Source: Read the original article at ABC