Elon Musk sells X to his own xAI for $33 billion in all-stock deal
Elon Musk sells X to his own xAI for $33 billion in all-stock deal
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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For reference, he bought it for $44B.
https://wikipedia.org/wiki/Acquisition_of_Twitter_by_Elon_Musk
YAAASSSS!! I love to think of him losing money without money his influence plummets
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.
I love it when you talk dirty 🤪
We enter hostile takeover territory around $115