Elon Musk Sold X: Billionaire Alan Musk bought social media platform Twitter a few years ago and changed its name to X. Musk made several major changes as soon as the management managed, including the charge of users for blue tick.
Now Musk has sold X, but it has been sold not to any outside company, but to their own Artificial Intelligence Company XAI. The deal has been done for $ 33 billion, which is more than two lakh 82 thousand crore rupees in Indian currency.
Deal took place for $ 33 billion
This All-Stock Deal gives XAI valuations of $ 80 billion and X to reduce the loan of $ 33 billion (from $ 12 billion out of $ 45 billion).
Musk said that this integration would provide the advanced AI capabilities of XAI with a huge user base of X and will provide “smarter and more meaningful experience”.
X AI and X were already sharing resources, including XAI’s chatbot grouke, trained on the data of X users. The deal is expected to deepen the synergy between the companies of Musk.
Deep coordination with AI tools will get a boost
Musk, the world’s richest person, has recently strengthened his position in Washington DC. He is monitoring cost cuts under the Trump administration and heads the “Department of Government Efficiency”.
This can give them a situation to influence government agencies who oversee their businesses.
An investor, who spoke on the condition of anonymity, said that the deal is part of Musk’s strategy to strengthen leadership and management in his own companies. The investor said that Musk did not sought approval from investors for the deal, but informed them that the two companies were already in close cooperation.
This integration will promote deep coordination with grooc such as AI tools.
Possible effects and questions
However, this deal has also raised some questions. Some analysts believe that this step may be part of the financial manipulation between Musk’s companies, especially when the X valuation is lower than the time of its acquisition in 2022.
In addition, the deal came amid the ongoing controversy with the Open AI of Musk and the increasing competition in the AI region. It remains to be seen what it matters to the users of integration X and its future.