Billionaire Elon Musk just bought his own company.
Musk, the owner of X, just bought X once again through his artificial intelligence company, xAI.
The all-stock transaction was announced Friday as Musk claimed the combination valued xAI at $80 billion and X at $33 billion (his valuation for the social media company was actually $45 billion, with $12 billion in debt.) Musk bought X in October 2022 for around $44 billion.
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In the announcement, the SpaceX founder claimed that X, a “digital town square,” has more than 600 million active users.
“xAI and X’s futures are intertwined,” Musk wrote Friday. “This combination will unlock immense potential by blending xAI’s advanced AI capability and expertise with X’s massive reach.”
Grok, xAI’s first technology, has already been integrated into the social media app, with the large language model having access to X data. As investors rushed to jump on the AI bandwagon, companies like BlackRock and Nvidia all contributed to xAI’s piggy bank last year. In December, the company was valued at around $40 billion, according to The New York Times.
“The combined company will deliver smarter, more meaningful experiences to billions of people while staying true to our core mission of seeking truth and advancing knowledge,” Musk continued. “This will allow us to build a platform that doesn’t just reflect the world but actively accelerates human progress.”
Neither of the companies is publicly traded, meaning details of the deal remain minimal.
Musk has tried to find his footing in the AI space after his public falling out with ChatGPT CEO Sam Altman. In February, Musk and a group of investors attempted to buy the nonprofit that runs OpenAI, ChatGPT’s parent, for almost $100 billion.
