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Elon Musk announced that xAI has acquired X in an all-stock deal, valuing xAI at $80 billion and X at $33 billion. Meanwhile, Block is laying off 931 employees as part of a restructuring, and 23andMe has filed for bankruptcy, with co-founder Anne Wojcicki planning to bid for the company. Additionally, a leaked database reveals China's advanced AI censorship capabilities, and Rivian's skunkworks project has spun out as a new company called Also, securing $105 million in funding.
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's management style is now influencing the federal government, mirroring his approach at Twitter. Federal employees are being asked to resign if they do not commit to a five-day office workweek, with a focus on loyalty and high performance, reminiscent of Musk's "Fork in the Road" ultimatum at Twitter. Critics warn that this could destabilize the federal workforce and disrupt essential services.
Elon Musk's X has partnered with Visa to launch the X Money Account, enabling users to transfer funds between bank accounts and their digital wallets, as well as make instant peer-to-peer payments. This initiative marks X's first step towards creating a comprehensive financial ecosystem, with plans for further financial partnerships and services expected to roll out soon. The X Money service is anticipated to launch in the first quarter, allowing creators to manage payments and funds independently.
Meta has begun blocking links to decentralized competitor Pixelfed, labeling them as "spam," just days after announcing a commitment to free speech. This move raises concerns about the sincerity of the company's intentions, as it appears to prioritize suppressing competition over promoting open expression. Critics suggest that Meta's actions may be more about political maneuvering than genuine support for free speech.
Block Inc. may become the first company with an explicit Bitcoin strategy to be listed in the S&P 500, as it meets the necessary criteria for inclusion, according to VanEck's Matthew Sigel. The firm allocates 10% of its monthly Bitcoin gross profits to investment, distinguishing it from other companies like Tesla. Block, founded by Jack Dorsey, is the eighth-largest corporate holder of Bitcoin, with 8,363 BTC valued at approximately $775 million.
Block, founded by Jack Dorsey, is on track to become the first Bitcoin treasury firm to enter the S&P 500 after meeting the necessary criteria, including a market cap exceeding $18 billion and positive earnings. The decision for inclusion ultimately lies with the S&P Index Committee, which considers various qualitative factors. Currently, Block holds 8,211 BTC valued at over $770 million, reinforcing its commitment to Bitcoin as central to its mission.
Michael Saylor has released a list of the top 60 institutional Bitcoin holders, with MicroStrategy leading at 444,262 BTC, followed by Marathon Digital with 44,394 BTC. Notable entries include Tesla with 9,720 BTC and Coinbase with 9,480 BTC, collectively holding 591,368 BTC valued at over $54 billion. Recently, MicroStrategy announced a $561 million Bitcoin purchase and reported a 0.72% yield, benefiting shareholders with a "Bitcoin gift" of 3,177 BTC worth approximately $299 million.
MicroStrategy's Michael Saylor advocates for Bitcoin as a key asset for corporate treasuries, despite criticism labeling the company's model a "giant scam." Major firms like Marathon Digital, Tesla, and Coinbase are accumulating Bitcoin, while others like Microsoft remain skeptical. Shareholder proposals at Amazon and Genius Group reflect a growing trend of companies exploring Bitcoin's potential as a hedge against inflation and a strategic asset.
Jack Dorsey
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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