Redditsux@lemmy.world to World News@lemmy.worldEnglish · 2 months ago

Elon Musk sells X to his own xAI for $33 billion in all-stock deal

cross-posted to:
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472

Elon Musk sells X to his own xAI for $33 billion in all-stock deal

Redditsux@lemmy.world to World News@lemmy.worldEnglish · 2 months ago

cross-posted to:
[email protected]

Elon Musk has sold social media site X to his own xAI artificial intelligence company in a $33 billion all-stock deal, the billionaire announced on Friday.

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JohnDClay@sh.itjust.works
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2 months ago
For reference, he bought it for $44B.

https://wikipedia.org/wiki/Acquisition_of_Twitter_by_Elon_Musk
- Lady Butterfly @lazysoci.al
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  2 months ago
  YAAASSSS!! I love to think of him losing money without money his influence plummets
  - _stranger_@lemmy.world
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    2 months ago
    It’s almost better than losing money. He put up a certain amount of Tesla stock as collateral for the loan (essentially) to buy Twitter.
    
    So if Tesla’s stock tanks, those creditors will be able to claw more stock away from him. If it tanks enough, he’s in hostile takeover territory.
    - Lady Butterfly @lazysoci.al
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      2 months ago
      I love it when you talk dirty 🤪
    - Fluffy Kitty Cat@slrpnk.net
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      2 months ago
      We enter hostile takeover territory around $115
  - turnip@sh.itjust.works
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    2 months ago
    He did it to escape Tesla stock. Because car companies are heavily cyclical.
    
    He’s succeeding not failing, unfortunately.

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