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2025: Elon Musk sold social network X to his startup XAI Holdings for $100 billion
In March 2025, billionaire Elon Musk announced that he had sold his social network X to his artificial intelligence development startup xAI. According to him, the cost of xAI was estimated at $80 billion, and X - at $33 billion ($45 billion minus $12 billion of debt). He himself in 2022 bought a social network for $44 billion. The combined company was named XAI Holdings, its value is more than $100 billion excluding debt obligations. The transaction was accompanied by Morgan Stanley. Read more here
2023: Establishing a company
On July 12, 2023, billionaire Elon Musk, CEO of Tesla and SpaceX, announced the creation of a new company called xAI, which will develop in the field of artificial intelligence.
As reported on the official xAI website, the company's goal is to "understand the true nature of the universe." It is said that the team of the enterprise includes specialists who previously worked at DeepMind, OpenAI, Google Research, Microsoft Research, Tesla and the University of Toronto. Researchers are preparing a number of tools in the relevant area.
It is noted that xAI will be headed by Elon Musk himself. At a Twitter Spaces event on July 12, 2023, he said it was about building a secure artificial intelligence platform. According to him, instead of setting specific parameters for the operation of artificial intelligence, xAI will strive to create the "most inquisitive" platform.
According to Reuters, xAI includes Igor Babushkin, a former Google DeepMind engineer, Tony Wu, who worked at Google, Christian Szegedy, who was also a Google researcher, and Greg Yang, who previously worked at Microsoft.
In April 2023, Musk announced plans to create the TruthGPT platform, an artificial intelligence-based system focused on finding the truth. It is assumed that this platform will compete with solutions from Google and Microsoft.
Elon Musk's announcement of a new company comes months after he warned he believes artificial intelligence could lead to the "destruction of civilisation." Then Musk joined other technology companies calling for a pause in the "out of control" race in the field of AI.[1]
Notes
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