Acquisition

Twitter (now X) and X Holdings I, Inc., controlled by Elon Musk: the deal on record

Twitter agreed on 25 April 2022 to be acquired by entities controlled by Elon Musk for USD 54.20 per share in cash, a deal Twitter valued at approximately USD 44 billion. After Musk sent a notice of purported termination in July 2022, Twitter sued in the Delaware Court of Chancery to enforce the agreement, and the merger closed on 27 October 2022, taking Twitter off the New York Stock Exchange. In March 2025 Musk's artificial intelligence company xAI acquired X, as Twitter had been renamed, in an all stock deal, according to Reuters. SpaceX acquired xAI, and with it X, in February 2026 and listed its Class A shares on Nasdaq in June 2026, according to its prospectus.^{1,3,4,5,6,7,8}

Timeline

1. 25 April 2022Twitter enters a merger agreement with X Holdings I and X Holdings II, affiliates of Elon Musk.^2,1
2. 8 July 2022Twitter receives a notice of purported termination of the merger agreement.³
3. 12 July 2022Twitter files a complaint in the Delaware Court of Chancery seeking specific performance of the agreement.⁴
4. 13 July 2022The UK government says it will take no further action under the National Security and Investment Act 2021, according to Twitter's filing.⁴
5. 27 October 2022The merger is completed at USD 54.20 per share in cash and Twitter becomes a wholly owned subsidiary of X Holdings I.⁵
6. 28 October 2022Trading in Twitter shares on the NYSE is suspended ahead of delisting.⁵
7. 28 March 2025Musk announces that xAI has acquired X in an all stock deal valuing X at USD 33 billion, or USD 45 billion less USD 12 billion in debt, according to Reuters.⁶
8. 2 February 2026SpaceX acquires X.AI Holdings Corp., the parent of X, effective this date, according to the SpaceX prospectus. Reuters reported that the deal valued SpaceX at USD 1 trillion and xAI at USD 250 billion, citing a person familiar with the matter.^8,7
9. 11 June 2026Space Exploration Technologies Corp. prices its initial public offering of Class A shares at USD 135.00 per share for listing on Nasdaq under the symbol SPCX. The prospectus describes X as part of its AI segment.⁸

Regulatory review

1. 13 July 2022UK Government (National Security and Investment Act 2021). No further action, according to Twitter's 8-K filing.⁴

Status now

Part of Space Exploration Technologies Corp. (SpaceX), a company listed on Nasdaq since June 2026, which acquired X's parent xAI in February 2026, according to the SpaceX prospectus.^8,6

Sources

1. Twitter Inc. via SEC EDGAR, Elon Musk to Acquire Twitter (Twitter press release, Exhibit 99.1) (25 April 2022)
2. US Securities and Exchange Commission (EDGAR), Twitter Inc. Form 8-K, merger agreement (25 April 2022)
3. US Securities and Exchange Commission (EDGAR), Twitter Inc. Form 8-K, notice of purported termination (11 July 2022)
4. US Securities and Exchange Commission (EDGAR), Twitter Inc. Form 8-K, Delaware complaint (13 July 2022)
5. US Securities and Exchange Commission (EDGAR), Twitter Inc. Form 8-K, completion of merger (31 October 2022)
6. Reuters (via The Jakarta Post), Musk's xAI buys Musk's X social media platform for $33 billion (29 March 2025)
7. Reuters (via The Spokesman-Review), SpaceX acquires xAI in record-setting deal as Musk looks to unify AI and space ambitions (2 February 2026)
8. US Securities and Exchange Commission (EDGAR), Space Exploration Technologies Corp. prospectus (Form 424B4) (11 June 2026)