»Elon Musk tweeted that his AI venture xAI has acquired his social media platform X, formerly known as Twitter.
Out of the Picture !
In an X post Friday, Musk said the all-stock transaction values xAI at $80 billion and X at $33 billion. Musk paid $44 billion for Twitter in 2022. “xAI and X’s futures are intertwined,” Musk wrote on X Friday. “Today, we officially take the step to combine the data, models, compute, distribution and talent.”
This move has been praised and criticised by many X users, But moreover this is all but a sophisticated Financial loophole, for certain reasons we cannot communicate publicly without slightest of proof. The latest court decision which asked Musk to share information of creditors who financed the Twitter buyout deal, sparked severe row on learning of the insiders behind the money, This could be purposeful and strategic move to reduce the public stance on X(twitter) deal. Said a legal firm executive on the account of anonymity
The move may be aimed at protecting investors, who helped him buy purchase X, from losing money. Both X and xAI are privately held and share some major investors. They also share significant resources.”The combined company will deliver smarter, more meaningful experiences to billions of people while staying true to our core mission of seeking truth and advancing knowledge,” Musk wrote.
XAI has used data from social media posts on X to train its models, and its chatbot Grok is a prominent feature on the platform.
“The move appears sensible, considering the current trend of increased investments in AI, data centres, and computing,” said analyst Paolo Pescatore, founder of PP Foresight. Musk has been locked in a legal battle with OpenAI, the company he-founded in 2015 with CEO Sam Altman.
Last year, Musk sued OpenAI and Altman for straying from the company’s original mission and pushing to transition the startup to a for-profit model.
On Friday, the Wall Street Journal reported that OpenAI was finalizing a $40 billion funding round with SoftBank. This significant round has strategic implications for OpenAI’s operations in artificial intelligence and is contingent on the company restructuring to a for-profit entity, which could attract more investors in the AI sector. However, OpenAI did not respond to inquiries about the specifics, leaving observers eager for more information on its future.
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Critics say Musk is suing the ChatGPT makers because he wanted to control it. Earlier this year, a consortium led by Musk made an unsolicited $97.4 billion takeover bid for OpenAI, which Altman rejected, saying the company is not for sale. The business manoeuvring is happening as Musk has taken more of an interest in politics, now serving as President Donald Trump’s right-hand.
He has spearheaded the administration’s push to slash federal spending and is spending the weekend in Wisconsin where he has contributed millions to a state Supreme Court race. Wisconsin’s attorney general asked a court Friday to block Musk from distributing $1 million checks to voters there ahead of the election.
