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Elon Musk has sold X, formerly Twitter, to his AI startup xAI for $33 billion in an all-stock deal, valuing xAI at $80 billion. Musk emphasized the synergy between the two companies, aiming to enhance user experiences and accelerate human progress through combined resources and technology. CEO Linda Yaccarino expressed optimism about the future following the acquisition.
Elon Musk announced that his startup xAI has merged with his social media platform X in an all-stock deal, valuing xAI at $80 billion and X at $33 billion. Musk emphasized the merger's potential to combine AI capabilities with X's extensive reach, while xAI's Grok chatbot is already integrated into the platform. This move follows Musk's acquisition of Twitter for $44 billion in 2022 and his ongoing efforts to compete with major AI players like OpenAI and Google.
Elon Musk's X has reportedly regained a $44 billion valuation, matching the price he paid for the platform in 2022. This resurgence follows a secondary financing round where nearly $1 billion was raised, despite the company facing significant challenges post-acquisition, including a mass exodus of advertisers.Musk's strategy includes transforming X into an "everything app" with relaxed content moderation and a new payment platform, alongside the introduction of a premium subscription service and an AI chatbot named "Grok." The company has generated approximately $1.2 billion in adjusted earnings, aligning its revenue with pre-acquisition levels.
Elon Musk's social media platform X has seen its valuation rebound to $44 billion, following a secondary deal that reflects a turnaround since his acquisition of Twitter in 2022. Despite a drop in revenues, the company reported $1.2 billion in adjusted EBITDA for 2024, and investor interest has surged, particularly after Musk's close ties with the Trump administration. X is also diversifying its revenue streams, planning to launch a digital wallet service and integrating AI technology from its startup xAI.
Five Democratic senators have urged the Justice Department to investigate Elon Musk for potentially using his insider status in the Trump administration to pressure advertisers back to X. Concerns have arisen over Musk's influence, particularly after reports indicated that X pressured advertising firm Interpublic Group to increase spending, with implications for its merger with Omnicom Group. The senators warned that Musk's actions could violate criminal ethics laws if he leverages his position to harm businesses that do not advertise on X.
Elon Musk's X has expanded its lawsuit against several companies, including Lego and Shell, alleging they conspired to boycott the platform and violate antitrust laws. The complaint claims that members of the Global Alliance for Responsible Media collectively withheld advertising revenue and enforced brand safety standards that X has since met or exceeded. The lawsuit highlights the ongoing impact of this boycott on the platform's revenue and its contentious relationship with advertisers since Musk's acquisition.
Errol Musk is promoting a Solana-based meme coin called Musk It (MUSKIT), aiming to raise $150-$200 million for the Musk Institute, despite criticism of capitalizing on his son Elon Musk's fame. The token has surged 280% following Errol's endorsement, although its financial structure remains unclear. Elon Musk has no involvement in the project and has publicly criticized his father's character, highlighting a strained relationship between them.
Elon Musk's social media platform, X, formerly Twitter, is partnering with Visa to launch "X Money Account," a digital wallet for real-time payments in the U.S. This initiative is a significant step towards Musk's vision of an "everything app," akin to China's WeChat, allowing users to link debit cards for peer-to-peer transactions. The collaboration marks X's entry into financial services, with further expansions and features anticipated throughout the year.
Elon Musk's social media platform X has partnered with Visa to launch the X Money Account, aiming to transform into an "everything" app. This service will enable secure peer-to-peer payments and direct fund transfers to bank accounts, with the debut expected later this year. CEO Linda Yaccarino indicated that this is just the first of many significant announcements regarding X Money planned for 2025.
Dogecoin's price has recently dipped below $0.31, marking its lowest point in 2025, as broader tech stock declines impact the crypto market. Speculation around Elon Musk's potential integration of Dogecoin into X's upcoming payment service, X Money, continues, though no official confirmation has been made. Despite past surges linked to Musk's endorsements, the meme coin faces significant volatility amid shifting market conditions.
Linda Yaccarino
People
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Elon Musk sells X to xAI in 33 billion dollar deal
01:11 29.03.2025
elon musk merges xai with x valuing companies at 80 billion and 33 billion
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