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Elon Musk has sold his social media platform, X, to his AI company, xAI, for $33 billion, a significant drop from his 2022 purchase price but an improvement from its recent low valuation. Musk stated that the merger will enhance both companies by integrating AI capabilities with X's extensive reach. Despite past controversies and advertiser departures, major brands like Amazon and Apple are reportedly returning to X, contributing to a rebound in its fortunes.
Elon Musk announced that xAI has acquired X, the social media app formerly known as Twitter, in an all-stock merger valuing xAI at $80 billion and X at $45 billion, including $12 billion in debt. This move aims to protect Twitter investors and integrate the strengths of both companies, leveraging xAI's advanced AI capabilities with X's extensive reach. Musk emphasized that their futures are intertwined, promising significant potential from this combination.
Charlie Javice was convicted of defrauding JPMorgan Chase out of $175 million by falsely claiming her startup, Frank, had millions of customers when it only had about 300,000. After a five-week trial, she faces up to 30 years in prison for wire fraud, bank fraud, and conspiracy, with sentencing set for August 26.
Charlie Javice has been convicted of defrauding JPMorgan during the $175 million sale of her startup, Frank. Her defense argued that JPMorgan was aware of the company's true customer numbers, which were in the hundreds of thousands, not millions, and that the bank's fraud claims stemmed from buyer's remorse after regulatory changes rendered the data less valuable. Testimony revealed that Javice allegedly paid a friend to create fake customer data to mislead the bank during the acquisition process.
Charlie Javice, the millennial CEO of fintech start-up Frank, was found guilty of defrauding JPMorgan Chase of $175 million by inflating her company's customer base. Prosecutors revealed she falsely claimed 4.25 million users, while only 300,000 were verifiable. Facing a lengthy prison sentence, Javice and her co-conspirator Olivier Amar were indicted on multiple fraud charges, with her attorney arguing the prosecution's case was flawed.
Wells Fargo is set to vacate its downtown Fort Worth office as it prepares to move into a new space at a mixed-use development located five-and-a-half miles away. The banking giant's departure will pave the way for an upscale retail hub in the area.
Elon Musk's social media platform, X, has been acquired by his AI company, xAI, in an all-stock deal valued at $45 billion. This merger, which values xAI at $80 billion and X at $33 billion after accounting for debt, aims to combine advanced AI capabilities with X's extensive user base of over 600 million.Musk emphasized that the integration will enhance user experiences while maintaining a commitment to truth and knowledge. Notable developments under Musk's leadership include the launch of the AI model Grok and the reinstatement of former President Trump's account.
Elon Musk has sold Twitter, now known as X, to his AI company xAI in an all-stock deal valuing X at $33 billion, significantly lower than the $44 billion he initially paid. The merger, which values xAI at $80 billion, integrates Grok, xAI's AI technology, into the platform, despite concerns over its valuation amid competition from open-source alternatives. Investors from the original Twitter deal are left with a smaller stake in the combined entity.
Elon Musk announced that his 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 emphasized the merger's potential to combine AI capabilities with X's extensive reach, while xAI's Grok chatbot is already integrated into the platform. This move follows Musk's acquisition of Twitter for $44 billion in 2022 and his ongoing efforts to compete with major AI players like OpenAI and Google.
Elon Musk's AI startup, xAI, has acquired his social media platform X in an all-stock deal, valuing xAI at $80 billion and X at $33 billion after accounting for $12 billion in debt. Musk emphasized the intertwined futures of both companies, which will leverage X's extensive data to enhance xAI's products, including the Grok chatbot. This acquisition further solidifies Musk's influence in both the AI and social media sectors.
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elon musk sells x to xai in 33 billion dollar deal
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