Elon Musk sells X to himself for $45 billion; here’s why

In 2022, Elon Musk acquired X, previously known as Twitter, for $44 billion. Three years later, the social network was valued at $33 billion, a drop of $11 billion.

Now, X has been sold for $45 billion in a stock transaction that transferred ownership of the site to xAI, an artificial intelligence company founded by Musk in 2023.

“The futures of xAI and X are interconnected. Today, we officially take the step to combine data, models, computing, distribution, and talent. This combination will unlock immense potential by blending xAI’s advanced AI capabilities with the massive reach of X,” Musk wrote on the website.

“The combined company will provide smarter and more meaningful experiences for billions of people, while staying true to our core mission of seeking truth and advancing knowledge. This will allow us to build a platform that not only reflects the world but actively accelerates human progress.”

“I would like to acknowledge the hardcore dedication of everyone at xAI and X who have brought us to this point. This is just the beginning. Thank you for your partnership and ongoing support,” the entrepreneur concluded.

Photo and video: Public domain / X @elonmusk. This content was created with the help of AI and reviewed by the editorial team.