Elon Musk is no longer the owner of X — technically.
Musk announced today (Mar. 28) that the platform formerly known as Twitter was acquired by xAI — his artificial intelligence company. The deal took place via an all-stock transaction that values xAI at $80 billion and X at ($33 billion).
“xAI and X’s futures are intertwined. Today, we officially take the step to combine the data, models, compute, distribution and talent,” Musk wrote the platform. “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,” Musk continued. “This will allow us to build a platform that doesn’t just reflect the world but actively accelerates human progress.”
Musk previously acquired X back in 2022 in a $44 billion full-acquisition deal.
Though Musk has become a whole lot richer because of this deal, don’t worry — he won’t be buying TikTok. Back in January, Musk announced at a summit for the German media company Axel Springer SE that he didn’t want anything to do with the platform.
"I have not put in a bid for TikTok,” he said. “I don't have any plans for what I would do if I had TikTok.”
Musk then revealed that he doesn't know anything about the platform or use it. "I'm not chomping at the bit to acquire TikTok, I do not acquire companies in general, it's quite rare,” he explained. "I usually build companies from scratch.”