Tesla CEO Elon Musk said late Friday that his artificial intelligence startup xAI has bought his social site X in a stock deal valuing the latter at $33 billion.
The deal also values xAI at $80 billion, Musk said.
Musk wrote on X: "xAI and X's futures are intertwined. Today, we officially take the step to combine the data, models, compute, distribution and talent. This combination will unlock immense potential by blending xAI's advanced AI capability and expertise with X's massive reach. The combined company will deliver smarter, more meaningful experiences to billions of people while staying true to our core mission of seeking truth and advancing knowledge."
Elon Musk bought X, then known as Twitter, in October 2022 for $44 billion. The social site's valuation tumbled according to private estimates, amid plunging advertising revenue. But valuation estimates have rebounded in recent months.
Tesla stock jumped 6% to 263.55 this past week, snapping a nine-week losing streak. But shares came well off highs. The EV giant will release first-quarter deliveries next week, likely on April 2.
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