The acquisition places X ' the highly influential social media platform Musk purchased in 2022 under its former name, Twitter ' firmly under the umbrella of Musk's AI startup, which he founded in 2023 to compete with OpenAI. While xAI's products, including its AI chatbot Grok, were tightly integrated into the X platform before this deal, Friday's acquisition further combines two of Musk's most high-profile companies. According to publications including The Wall Street Journal, shares of X and xAI will be exchanged for shares of a new holding company called xAI Holdings Corp. The WSJ also reports that executives at both companies believed that it would be easier to raise money for a combined entity. Musk ' who also leads Tesla, SpaceX, and Neuralink ' notes in his post that this deal values X at $33 billion (lowered from an enterprise value of $45 billion due to the company's $12 billion in debt). Musk originally purchased X for $44 billion in October 2022 and took it private....
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