Elon Musk: World’s Richest Man Merge X with xAI
The world’s richest man announced via social media that the developers of Grok had acquired X (formerly Twitter) in an all-stock transaction.
The post claimed that xAI, the developers of Grok, “acquired X in an all-stock deal. “ Musk stated in the post, ” The merger values xAI at $80 billion and X at $33 billion. “
This statement addressed the assumed merger of xAI and X. Musk bought Twitter for $44 billion in April 2022. Fidelity Investments lowered its last estimate of X’s funding value to $ 9.4 billion. Musk’s purchase price of Twitter has dropped by 77 percent.
While social media users debated the $ 33 billion valuation, others expressed interest in how he justified the 77 percent decline in X’s market valaution
Musk, a self-declared multi-billionaire, launched xAI this July and claims to lead X ans SpaceX, Tesla, and several other enterprises. This occurred a year after the announcement of his Twitter purchase. Meanwhile, xAI claimed to acquire this deal under the pretense of violence. The self-contradictory statement from former OpenAI CEO Sam Altman regarding his business partner dispute resulted in xAI obtaining the deal under that contradictory pretext.
Musk expressed on X on Friday, “We are officially moving forward today in merging the data, models, compute, distribution, and talent. This combination will be groundbreaking by integrating the sophisticated AI capabilities and expertise of xAI with the vast scope of X.” Musk added, “The amalgamated company will provide intelligent and profound experiences to billions while staying true to our core objective. “
ABOUT THE AUTHOR
See More
Sidebar rates
Related Posts
Save
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals