Elon Musk sells X to Xai: What is XAI? What does it do? Who owns the company? Explained
Elon Musk revealed on Friday that he sold social media site X to XAI for a $33 billion contract. Artificial Intelligence (AI) company acquired X in an all-share transaction.
Musk said in an article on X that the move will “unlock huge potential by integrating Xai’s advanced AI capabilities and expertise with X’s huge coverage.”
Elon Musk, CEO of Tesla and SpaceX and adviser to U.S. President Donald Trump, purchased the site for $44 billion in 2022. He became CEO of the company, changed its name to X, fired the most employees, and changed its policies in terms of hate speech, misunderstanding, misunderstanding and user verification.
What does Elon Musk say about the X deal?
Elon Musk listed the benefits of selling X to Xai in his post on X.
“The futures of Xai and X are already intertwined. Today, we have officially taken a step to combine data, models, computing, distribution and talent. This combination will unlock huge potential by fusing XAI’s advanced AI capabilities and X range to the huge reach of X,” Elon Musk wrote on X.
He said the deal is worth $80 billion, and x is $33 billion.
“The merged company will provide billions with smarter, more meaningful experiences while staying true to our core mission of seeking truth and promoting knowledge,” Musk added.
What is Xai that buys X?
XAI is a US-based public interest company that plays a role in the field of artificial intelligence. The company was founded in March 2023 by Elon Musk, whose stated goal is to “understand the true nature of the universe.”
Based in the California-based San Francisco Bay area, Xai’s agency marks Elon Musk’s re-entering of the AI space after Openai.
Officially launched in July 2023, Xai is a team of 12 people including Elon Musk, some of whom have experience in GPT Developments and Google Deepmind. Igor Babuschkin has previously worked with Google’s DeepMind unit and was recruited as the chief engineer by Musk.
XAI said on its website that its goal is to solve “realistic problems.”
“Our rapid development and iterative approach allows us to innovate at amazing speeds. We are not interested in the reasons for speed – we solve the real problem here.”
The futures of Xai and X are intertwined. Today, we formally take steps to combine data, modeling, computing, distribution and talent.
In November 2023, Elon Musk announced Xai’s first project Grok. Later, he integrated AI capabilities into X and made it free in a few months. Recently, Grok’s popularity has exploded in countries such as India.
Who owns Xai?
Elon Musk founded XAI in 2023. The 53-year-old business tycoon is the company’s main owner and driver. X and XAI are both companies of private publications. This means that details about other owners of XAI are not clear yet.
