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Elon Musk has announced that his AI company, xAI—which we’re told is 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.
Estimations of X’s value have increased following the election and inauguration of Musk ally Donald Trump (who has gone so far as to promote Musk’s cars on the White House lawn), and the return of some advertisers.
According to the New York Times, however, X is still struggling to hit revenue targets…more
Source www.pcgamer.com
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