Elon Musk’s Acquisition of X
Elon Musk’s Artificial Intelligence has acquired X – a platform of social networks, officially known as Twitter – for $33 billion (25.5 billion pounds).
The all-stock transaction, announced on Friday (March 28), values X at a price of $80 billion and the acquisition at $33 billion. Musk paid $44 billion for Twitter in 2022.
“Futures of Xai and X are intertwined,” Musk wrote on X, announcing the transaction. “Today we officially take a step to combine data, models, calculation, distribution, and talent.”
This move may be aimed at protecting investors who helped purchase X from incurring losses. Both X and XAI are private and share some large investors, along with significant resources.
According to Guardian, Musk did not seek investor approval but informed them of the close cooperation between the two companies, asserting that integration would enhance his ability to teach his model and Gorka – an outstanding feature on X.
XII utilized data from posts on X to train its models.
“The united company will provide a smarter, more significant experience for billions of people, remaining true to our main mission to search for truth and promote knowledge,” Musk wrote.
Background on Xai and Its Impact
Xai’s Musai startup was launched less than two years ago and recently raised $10 billion in a funding round, valuing the company at $75 billion, according to Guardian.
Musk acquired Twitter in 2022 for $44 billion. Following the completion of the acquisition, he famously said, “The bird is freed,” referencing the branding theme of the platform as a bird before he rebranded it to X.
After this acquisition, he significantly reduced the workforce, including laying off numerous executives, and introduced several changes, such as the removal of the verified blue Legacy ticks and the alteration of news headlines.
The technological titan and the world’s richest person have also consolidated their political influence in recent months through his association with Donald Trump. He leads the so-called Department of Government Efficiency or DOG, which is responsible for reducing expenditures.
In other news related to Elon, last month, a poster featuring Tesla’s image appeared in London, encouraging people not to buy from the billionaire. The green poster reads: “It is experienced from 0 to 1939 in 3 seconds.”
The image also depicts Musk with Tesla’s electric vehicles, of which he is the CEO, and recalls his controversial gesture at a Donald Trump rally in January when he struck his chest with his right hand and raised his arm diagonally, criticized by many as reminiscent of a Nazi salute.
The campaign group ‘Everyone Hate Elon’ seems to have taken inspiration from the poster, sharing a photograph of a banner installed at a bus stop. “Be ashamed if they appeared around the world,” they wrote on Instagram, before promoting a GoFundMe campaign, offering to share the PDF of the poster with anyone interested.
Numerous entertainers have spoken out against Musk’s gesture, including Grimes, a musician previously in a relationship with him and sharing multiple children, who distanced herself from him on social media. Frank Iero from My Chemical Romance also called him out online, while Green Day took aim at him during a performance in South Africa by changing the lyrics of “American Idiot” to critique him.
Recently, Musk faced backlash for reinforcing claims that Netflix’s Teenager was inspired by a Southport killer, despite its filming timeline starting after the tragedy.
In another instance, his estranged daughter, Vivian Wilson, referred to him as a “miserable man” after he claimed she was “dead” to him.
https://www.nme.com/news/music/elon-musk-says-he-sold-x-to-his-ai-company-for-33billion-3850262?utm_source=rss&utm_medium=rss&utm_campaign=elon-musk-says-he-sold-x-to-his-ai-company-for-33billion
