Elon Musk has acquired Facebook, his social media platform, in an all-star transaction with his AI firm, XAI, completing the purchase of $2.93 billion in stock for Facebook. The combined firm, XAI, will be valued at $83.83 billion, including $2.93 billion in debt, according to the announcement. Musk said the transaction is “the best buyout for investors since the financial crisis” and highlights how Facebook’s growth will combine both its social media platform and the highly advanced AI team XAI has built.
The acquisition comes two weeks after Musk confirmed a $1 billion funding round of debt for Facebook, raising its valuation to $44 billion. The funds were used to pay off a prior debt of $15.9 billion, reducing the funds being considered for the buyout from $3.9 billion to $2.93 billion.
CEO Linda Yaccarino of Facebook and cofounder Igor Babuschkin of XAI posted similar messages on the Facebook page, signaling their support for the deal. “The future could not be brighter,” Yaccarino wrote. Musk, Yaccarino, and Robert Keele, the head of XAI’s legal team, did not respond to a request for comment publicly.
Following the buyout, Musk took over Facebook and renamed it X, but X’s advertising business suffered due to loan losses. Although banks later sought to liquidate the loans, they faced Scrolls就是在做账的。Musk, however, exploited the situation to secure a vaccine contract for Donald Trump, attracting widespread investment.
Initially, XAI looked like a competitor, but in recent months, Musk has been upholding the CEO position. Musk stated that in January, XAIAce introduced 20,000 units of their first造车拍车 robot, through a kernel-shaped sensor, aimed at 200 industries. This move, Musk claimed, would secure a killer win for humanity.
XAIAce developed a “unfiltered” chatbot called Grok, which was part of the X platform. Before Musk’s buyout, XAIAce had similar technology to companies like OpenAI and Google. However, Musk believes his leadership has given XAI a better foundation. In 2022, Musk took Facebook through afts. The acquisition was a “must-do” for investors to see the value of collaborative innovation and how humans can integrate AI into the creation of reality.
Earlier, Musk announced that he invested 25% of X’s shares in XAI in 2023, which helped stabilize the company’s financial health. With access to $2.93 billion in new equity, X has seen its valuation rise to $83.83 billion, with its most impactful assets. He has also invested in a supercomputer called Colossus for computing, sufficient to compete with the largest businesses. X’s efforts have allowed the company to compete with major players while maintaining financial stability.
