BusinessPostCorner.com
No Result
View All Result
Monday, April 7, 2025
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
BusinessPostCorner.com
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
No Result
View All Result
BusinessPostCorner.com
No Result
View All Result

Musk’s xAI buys his social media platform X

March 29, 2025
in Business
Reading Time: 3 mins read
A A
0
Musk’s xAI buys his social media platform X
ShareShareShareShareShare

Elon Musk says that his AI venture xAI has acquired his social media platform X, formerly known as Twitter.

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.”

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.

Mr Musk has been locked in a legal battle with OpenAI, the company he-founded in 2015 with CEO Sam Altman.

Last year, Mr Musk sued OpenAI and Mr. 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 the Japanese conglomerate SoftBank. The outlet also reported the funds are contingent on the company completing its restructuring to a for-profit entity.

OpenAI did not respond to a BBC inquiry about the arrangement.

Critics say Mr Musk is suing the ChatGPT makers because he wanted to control it.

Earlier this year, a consortium led by Mr Musk made an unsolicited $97.4 billion takeover bid for OpenAI, which Mr Altman rejected, saying the company is not for sale.

The business manoeuvring is happening as Mr 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 Mr Musk from distributing $1 million checks to voters there ahead of the election.

Credit: Source link

ShareTweetSendPinShare
Previous Post

The people who turned public toilets into homes and businesses

Next Post

The people affected by Essex-to-Kent road

Next Post
The people affected by Essex-to-Kent road

The people affected by Essex-to-Kent road

HR tech for workforce intelligence is turning data into action

HR tech for workforce intelligence is turning data into action

April 3, 2025
Corporate America fears wrath of Trump as it mulls tariffs response

Corporate America fears wrath of Trump as it mulls tariffs response

April 5, 2025
What Amazon learned from training 2 million people

What Amazon learned from training 2 million people

April 4, 2025
Direct economics — the great Maga experiment

Direct economics — the great Maga experiment

April 5, 2025
Which Meta Channel’s Best for Social Media Marketing? 1000 Pros Compare Facebook, Instagram & Threads

Which Meta Channel’s Best for Social Media Marketing? 1000 Pros Compare Facebook, Instagram & Threads

April 7, 2025
What HR can do to keep pace with today’s constant change

What HR can do to keep pace with today’s constant change

April 1, 2025
BusinessPostCorner.com

BusinessPostCorner.com is an online news portal that aims to share the latest news about following topics: Accounting, Tax, Business, Finance, Crypto, Management, Human resources and Marketing. Feel free to get in touch with us!

Recent News

A market rout made in the White House

A market rout made in the White House

April 7, 2025
Bitcoin ETFs Record 2 Million in Weekly Outflows after a Two-Week Inflow Streak

Bitcoin ETFs Record $172 Million in Weekly Outflows after a Two-Week Inflow Streak

April 7, 2025

Our Newsletter!

Loading
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2023 businesspostcorner.com - All Rights Reserved!

No Result
View All Result
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources

© 2023 businesspostcorner.com - All Rights Reserved!