Elon Musk, who is considered the world’s richest and close to US President Donald Trump, reported yesterday that his startup XAI merged with X (former Twitter), his social network, in a deal that includes shares that appreciate the artificial intelligence company for $ 80 billion and the $ 33 billion media company. Musk wrote in the post in X.
He added that the merger would develop great potential by air conditioning and the advanced XAI expertise together with X. The purchase price, said, was $ 45 billion in a $ 12 billion reduction of debt.
Because both companies are privately owned and controlled by Musk, the transaction is likely to amount to shares, with X investors being paid to XAI shares. Companies have a number of joint investors, including the risk companies, including: Andresesen Horowitz and Sequoia Capital, as well as Fidelity Management, VY Capital and Saudi Arabia’s Kingdom Holding Co.
Musk, who also serves as CEO Tesla And Spacex, purchased Twitter in an estimated $ 44 billion deal at the end of 2022, with many cuts in costs and changing its name to X. Linda Yakarino, which Musk rented for CEO X, wrote in the post after the announcement on Friday, that “the future cannot be warmer.”
Less than two years ago, Musk launched the XAI for the purpose as he declared at the time: “Understand the true nature of the universe.” The startup tried to compete directly at OpenAi, the esteemed artificial intelligence startup that Shask founded in 2015 as a non-profit research lab. He later left OpenAi and recently was involved in legal clashes with the company and CEO Sam Altman, at the direction he takes the company.
Contributed close to $ 300 million to support Trump
Investors appreciated XAI in a fundraising round that made about $ 50 billion last year. Bloomberg reported last month that the company manages to raise funds at a value of $ 75 billion-OpenAI was close to finishing a round of $ 260 billion, while the General Anthropic Artificial Intelligence startup was estimated at $ 61.5 billion in a transaction that closed only the month.
Musk’s tasks are surrounding many areas, in addition to the management of Tesla, Spacex and XII and supervision of X, most of his time has passed this year in Washington, as a major character in President Donald Trump’s government.
After contributing close to $ 300 million to support Trump and goals of Republicans from the party in a 2024 campaign, Musk has been responsible for the Dog’s Department of Government (Doge), which overlooks government jobs and government expenses. This position places Musk in a position where he can make changes to his various business.
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