- China visit a ‘major success’ for interim government: Fakhrul |
- NYT paints troubling, one-sided view of Bangladesh |
- Two brothers killed in Narsingdi over extortion refusal |
- Death toll from Myanmar earthquake surpasses 1,700 |
- Children’s entertainment centres buzz with Eid crowds |
Elon Musk Transfers X Ownership to xAI in $33B Deal
Elon Musk has officially transferred ownership of the social media platform X to his artificial intelligence company, xAI, in a groundbreaking all-stock deal valued at $33 billion, he announced on Friday. This strategic move marks a significant step in Musk's vision of integrating advanced AI technology with social media at an unprecedented scale.
Since both X and xAI are privately owned companies, financial specifics beyond the deal’s valuation are not publicly disclosed. However, Musk shared that xAI is now valued at $80 billion, while X is worth $33 billion. Musk, who is also the CEO of Tesla and SpaceX, originally acquired Twitter, which has since been rebranded as X, for $44 billion in 2022. After the acquisition, he implemented sweeping changes to the platform, including workforce reductions, policy revisions, and a new direction for the platform's content moderation.
In a post on X, Musk explained that the deal would help “unlock immense potential” by combining xAI’s cutting-edge AI capabilities with X’s vast user base. "The futures of xAI and X are deeply connected," Musk wrote. "Today, we formally take the step of integrating data, models, computing power, distribution, and talent." He added that the merger would create "smarter, more impactful experiences for billions" while maintaining a commitment to the pursuit of truth and the advancement of knowledge.
While the integration of the two companies may not immediately alter the experience for X users, there are potential long-term benefits. xAI already uses X’s data to train its AI models, and the platform’s paying subscribers have access to xAI’s chatbot, Grok. The full scope of what changes may be in store for users remains unclear, but the merger is expected to bring new AI-driven features and capabilities to the platform in the future.
With this move, Musk continues to reshape both the social media landscape and the development of AI, promising to push boundaries in both fields.