In a social media post on Friday, Elon Musk said his startup xAI has acquired his social media company X.

Summary

Elon Musk announced that his AI startup xAI has merged with his social media platform X in an all-stock deal, valuing xAI at $80 billion and X at $33 billion.

Musk stated the merger will combine AI expertise with X’s broad reach.

xAI, launched less than two years ago, competes with OpenAI and has developed the Grok chatbot, integrated with X.

  • LupusBlackfur@lemmy.world
    97·
    3 days ago

    Hmm…

    Manipulating stocks between companies you own for fun and profit…

    Sounds pretty Ferengi to me.

    And no accountings shall be held…

    🙄 🤡 🤦‍♀️ 🖕

    • Rookwood@lemmy.dbzer0.comEnglish
      21·
      3 days ago

      Elon has violated securities laws blatantly for years now. Yeah, he won’t be held accountable. And a good half of people still wonder why inequality is such a bad thing.

    • SeaJ@lemm.ee
      15·
      3 days ago

      He essentially did the same thing with Solar City a decade ago. Although that was “owned” by his cousins and he bailed them out with by buying it for a few billion.