Entrepreneur Elon Musk has combined two of his ventures: the social network X and the artificial intelligence startup xAI. He announced this consolidation on his X profile.
The transaction was valued at $33 billion. While X was initially assessed at $45 billion, a $12 billion debt associated with the social network was factored into the final price. Given xAI`s estimated worth of around $80 billion, the newly formed entity, named XAI Holdings, is valued at over $100 billion. It`s worth recalling that Musk acquired Twitter, later rebranded as X, for $44 billion in 2022.
The xAI startup was launched by Elon Musk in the summer of 2023. This company focuses on developing artificial intelligence products. Their latest AI model, Grok 3, released in February, is recognized as one of the most powerful in the industry. It particularly excels at code generation, demonstrated by an AI-created game based on user prompts. Musk also reportedly attempted to acquire OpenAI, a competitor, for $100 billion, but the board of directors declined the offer.
Finley Holt