Elon Musk has announced that his AI company, xAI—which is supposedly also working on a videogame—has acquired his social media company, X, in an all-stock transaction. The Musk-to-Musk deal values X at $45 billion before subtracting $12 billion in debt.
Before rebranding it as X, Musk purchased Twitter for $44 billion in 2022. Last year, Fidelity estimated that X’s value had dipped substantially since then, appraising the social media site at 72% less than Musk’s purchase price.
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Kurt Indovina
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