Elon Musk suffered a massive loss of Rs 94000 crore after acquiring Twitter due to…, read inside story behind sale of Twitter
Wyatt Mason 
Billionaire Elon Musk announced that his artificial intelligence company, xAI, has acquired social media platform X for an all-stock transaction of $33 billion.
In the recent turn of developments, Elon Musk sold his social media platform X (formerly Twitter) to his own company, xAI. The move comes after the world’s richest man faced significant losses of approximately Rs 94,000 crore since acquiring Twitter in 2022 for $44 billion. The valuation of Elon Musk headed X has recently surged by over 70%. However, according to a post by the man himself, the platform’s total value stands at approximately $45 billion. Here are all the details you need to know.
Musk’s X post also indicates that in this deal, X’s valuation has been estimated at $33 billion, which includes $12 billion in debt. For a background, as we mentioned earlier, Musk acquired Twitter (now X) in 2022 for $44 billion. This implies that despite the outstanding $12 billion debt, he has incurred a loss of around $11 billion (approximately Rs 94,000 crore).
Billionaire Elon Musk announce new move
In another significant development, billionaire Elon Musk announced that his artificial intelligence company, xAI, has acquired social media platform X for an all-stock transaction of $33 billion. The combination, which “values xAI at $80 billion and X at $33 billion ($45B less $12B debt),” will “unlock the immense potential”
It will blend “xAI’s advanced AI capability and expertise with X’s massive reach”. X has more than 600 million active users. Musk had in 2022, bought X — originally Twitter — for $44 billion.
In the last two years, the platform “has been transformed into one of the most efficient companies in the world, positioning it to deliver scalable future growth”.
Growth of xAI founded by Elon Musk
On the other hand, xAI, founded by Musk in March 2023, has rapidly become one of the leading AI labs in the world. It builds models and data centers at unprecedented speed and scale, said Musk, who also leads Tesla and SpaceX and serves as an adviser to President Donald Trump.
“Today, we officially take the step to combine the data, models, compute, distribution, and talent,” said Musk. He said the future if both xAI and X’s “are intertwined”, and “will deliver smarter, more meaningful experiences.
(With inputs from agencies)
