Summary
Elon Musk announced that his AI startup xAI has merged with his social media platform X in an all-stock deal, valuing xAI at $80 billion and X at $33 billion.
Musk stated the merger will combine AI expertise with X’s broad reach.
xAI, launched less than two years ago, competes with OpenAI and has developed the Grok chatbot, integrated with X.
He can’t even justify to himself that Twitter is worth the $44 billion he (and investors) paid for it.
And you’d think a self-perceived business genius would be able to significantly increase the value of said purchase, not lose billions.