Billionaire’s Power Grows as xAI and X Futures Intertwine
Musk’s xAI Acquires X in $33 Billion Deal, Consolidating Power Elon Musk’s artificial intelligence firm xAI has acquired X, formerly known as Twitter, in a $33 billion all-stock deal. Announced on Friday, the merger combines two of Musk’s portfolio companies, including Tesla and SpaceX, and aims to enhance the training of xAI’s AI model, Grok. Musk revealed the transaction on X, valuing xAI at $80 billion and X at $33 billion, stating that their futures are now intertwined. However, details regarding investor compensation, leadership integration, and regulatory scrutiny remain unclear.
Apple Fined €150 Million by France for Abusing Market Power in Mobile Ads
Musk’s AI Rivalry Intensifies with xAI Expansion and OpenAI Lawsuit Musk’s xAI startup, launched less than two years ago, has rapidly grown, raising $10 billion in funding and introducing advanced AI models like Grok-3. Musk’s rivalry with OpenAI continues, as he previously made a $97.4 billion bid for the company, which was rejected. He has also filed a lawsuit to prevent OpenAI’s transition from non-profit to for-profit status. As competition in AI heats up, xAI has expanded its data center capacity, boasting the world’s largest supercomputer cluster, “Colossus,” in Memphis, Tennessee.
OpenAI Rivalry Heats Up as Musk Expands xAI’s Capabilities
Musk’s 2022 Acquisition of X Sparks Transformation and Financial Gains In 2022, Musk acquired X, then Twitter, for $44 billion, declaring “the bird is freed.” The acquisition led to workforce reductions and a decline in revenue, though brands have recently returned to the platform. Banks that extended $13 billion in loans to Musk sold the debt last month, benefiting from increased investor interest in AI companies and X’s improved performance. Experts suggest the debt’s value has risen significantly post-merger, further solidifying Musk’s financial gains.
Custom Officials Injured in Accident; Thousands of Seized Phones Recovered
Twitter’s Transformation: From $44 Billion Acquisition to AI Integration
Legal and Financial Challenges Surround Musk’s Business Moves Musk faces ongoing legal challenges, including a lawsuit alleging he defrauded former Twitter shareholders by delaying disclosure of his initial investment. A U.S. judge recently rejected Musk’s bid to dismiss the case. Despite these hurdles, Musk continues to consolidate his leadership across his companies, integrating X and xAI to drive deeper collaboration and innovation in AI development. Investors view the merger as a strategic move to strengthen Musk’s influence in the tech industry.
You might also like
- WhatsApp Rolls Out Voice Chat Feature, How to Enable It?
- Spotify Launches ‘Upcoming Releases’ Hub to Help Users Track New Albums
- Onic Becomes Pakistan’s First Telco to Launch Free GPT-4o Premium
- Woman Arrested for Marrying and Robbing 25 Men in Seven Months
- Coca-Cola İçecek Pakistan Invests $120,000 in Restoring River Ravi Project