Elon Musk sold social network X to his AI company

(CLO) On the evening of March 28, Elon Musk announced that he had sold social network X to his own artificial intelligence company xAI for $45 billion.

The deal includes $12 billion in debt and values ​​X at $33 billion. Musk said X and xAI will become more closely linked, combining data, models, computation, and people to unlock new potential.

While there are no immediate changes to X, xAI's AI chatbot Grok has been integrated into the platform. Musk hopes the combination will create "more intelligent experiences."

Illustration: GI

Since acquiring Twitter and rebranding it as X, Musk has made a number of controversial changes, from firing 80% of its staff to reversing its account verification policy, causing many major advertisers to leave.

While X's current valuation is lower than what Musk paid, it's still a significant recovery from Fidelity's previous estimate, when the firm valued X at just 20% of its original value.

In addition to this deal, Musk is also attracting attention for his role in the Trump administration, particularly at the Department of Government Efficiency. He has also continued to push for a foothold in the AI ​​industry, having previously sought to acquire OpenAI for nearly $100 billion. Merging X with xAI could help Musk focus resources and bring AI to users faster.

Advertisers, including Amazon and Apple, are slowly returning to X after the platform made some changes regarding harmful content. X's bond market is also showing signs of recovery, with some investors able to resell bonds at higher prices than before.

One of the biggest factors in X's recovery is Musk himself. His prominent role in the Trump administration has made the platform a key communication tool. Musk has consistently used X to support Trump. With Trump back in the White House and Musk's influence in the government, X has once again become a key platform for watching American politics .

Hoai Phuong (according to X, Business Insider, CNN)

Source: https://www.congluan.vn/elon-musk-da-ban-mang-xa-hoi-x-cho-cong-ty-ai-cua-minh-post340580.html