XAI bought X
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The richest billionaire in the world, Elon Musk, has announced that he has sold his company 'X' to his other company 'XAI'. XAI, Musk's artificial intelligence startup company, bought his own social network Platform X for $33 billion.
Almost three years ago, Musk bought the then Twitter (currently X) for about 44 billion dollars . He said that this time his companies were bought and sold through ownership share transactions (all-stock deals).
In a post on X, Musk said, "Now the value of XAI is 80 billion US dollars and the value of X is 33 billion dollars". The future of XAI and X is now connected, a step we have taken to integrate data, models, compute, distribution and efficiency.'
Some aspects of Musk's announcement have not been clarified. Experts consider it surprising and unexpected. Reuters speculates that the deal may have been made to strengthen XAI's Grok chatbot against other competitors such as OpenAI and to ease the looming controversy over AI data training.
The international media also speculated that Musk, who is becoming more powerful in Washington DC, may have taken this step to balance the power in the business sector. Since both companies are owned by the same person, this purchase and sale is like a company restructuring. Musk has brought X and XAI's ownership management into a new format .
