San Francisco, March 29 -- Elon Musk said on Friday that his startup xAI has merged with his social media platform X in an all-stock transaction.
"xAI has acquired X in an all-stock transaction," Musk said, adding that the combination values xAI at 80 billion U.S. dollars and X at 33 billion dollars (45 billion dollars less 12 billion debt).
"xAI and X's futures are intertwined," Musk wrote in a post on X. "Today, we officially take the step to combine the data, models, compute, distribution and talent."
He added that the merger of the two companies would "unlock immense potential by blending xAI's advanced AI capability and expertise with X's massive reach."
Linda Yaccarino, CEO of X, wrote in a post after Friday's announcement, "The f...