Billionaire investing Elon Musk has sold his social media platform to his AI startup Xai in an all-stock deal, sparking controversy because it coincides with a US judge who has refused his bidding to remove a lawsuit tied to the social media platform.
Moving Ownership of X to Xai on March 28 means that the class act law against Musk — he is accused of Defrauding dating shareholders of twitter By delaying the disclosure of his initial investment on the social media platform – became “a whole lot of spicer,” Cinneamhain Ventures partner Adam Cochran Says In a post of March 28 x.
Getting can open xai to more ‘exposure’
On the same day Musk Says “Xai got X in an all-stock transaction,” a US judge Reported Musk’s attempt to remove the lawsuit was denied. Cochran said “it opened his Ai creature to be exposed to it, and a bigger pie.”
Source: GROK
Musk said the Xai deal values at $ 80 billion and X at $ 33 billion, stimulating $ 12 billion debt from $ 45 billion values. He originally bought X, former Twitter, for $ 44 billion in April 2022.
“The futures of Xai and X are interrelated. Now, we officially take the step to combine data, models, compute, distribution and talent,” Musk said.
Source: Bryan Rosenblatt
“This combination will open the immense potential through the blend of advanced Xai’s advanced capabilities and expertise with massive X reach,” he said, and added:
“We will be allowed to build a platform that not only reflects the world but actively accelerates human development.”
However, Cochran claimed that “Musk used his pump up Xai stock to pay several times in value for X, but still takes a $ 11B loss in the transaction.” He said Musk was “screwing Xai investors, and X investors” and killed to sell user data to Xai.
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Xai is known for the AI chatbot “Grok” built on the X platform. When the Musk released it in November 2023, he claimed it could release the first repeat of the Openai of ChatGPT In many academic trials.
Source: Raoul Pal
Musk explained at the time that the motivation behind the formation of the Grok was to create AI tools equipped to help humanity by empowering research and change.
While Cochran said the gravity costs $ 80 billion a “insanely dumb appreciation,” the crypto developer “Keef” does not agree. Keef Says“It’s shady all around, but given in the sun, Grok is really probably the leading model for a variety of activities.”
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