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World News@lemmy.worldEnglish · 8 days ago

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

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

Redditsux@lemmy.world to

World News@lemmy.worldEnglish · 8 days ago

cross-posted to:
technology@lemmy.world

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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7 days 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.

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