Mon. 03/31 – xAI Acquires X
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🗓️ 31 March 2025
⏱️ 19 minutes
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Summary
Over the weekend Elon said that xAI has acquired X. Elon does love to blend his companies together. Tensions between SpaceX and Apple. Apple is working on a major Health app overhaul. And in this era of crypto ascendency, is Ethereum being left behind?
Links:
- Elon Musk says xAI has acquired X in deal that values social media site at $33 billion (CNBC)
- Musk’s xAI Startup Swallows Up X Social Network in Surprise Deal (Bloomberg)
- Amazon unveils Nova Act, an AI agent that can control a web browser (TechCrunch)
- Apple and Musk Clash Over Satellite Expansion Plans (WSJ)
- Apple Readies Its Biggest Push Into Health Yet With New AI Doctor (Bloomberg)
- Crypto’s Trumpian Embrace Is Leaving Bitcoin’s Big Rival Behind (Bloomberg)
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Transcript
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| 0:00.0 | Welcome to the Tech meme right home for Monday, the final day of March 2025. I'm Brian McCullough today. Over the weekend, Elon said that XAI has acquired X. |
| 0:12.0 | Elon does love to blend his companies together. Tensions between SpaceX and Apple. Apple is working on a major health app overhaul. |
| 0:20.0 | And in this era of cryptocurrency ascendancy, |
| 0:23.1 | is Ethereum being left behind. Here's what you miss today in the world of tech. |
| 0:32.4 | We missed a big one over the weekend. Elon Musk announced that XAI acquired X in an all-stock deal, |
| 0:39.6 | valuing XAI at $80 billion and X at $33 billion. XAI was reportedly in talks to raise funds |
| 0:46.5 | in February at a $75 billion valuation, so this would be more then. Quoting CNBC, |
| 0:53.3 | XAI and X's futures are intertwined, Musk the the world's richest person wrote in a post on X. |
| 0:58.8 | Today, we officially take the step to combine the data, models, compute, distribution, and talent. |
| 1:03.5 | He added that the merger would unlock immense potential by blending XAI's advanced AI capability and expertise with X's massive reach. The purchase price, |
| 1:12.5 | he said, was $45 billion less $12 billion in debt. Because both companies are privately held |
| 1:18.6 | and controlled by Musk, the transaction likely amounts to a stock swap with X investors getting |
| 1:22.9 | paid out in XAI shares. The companies have a number of mutual investors, including venture firms, |
| 1:28.7 | Andreessen Horowitz and Sequoia Capital, as well as Fidelity Management, Vi Capital, and Saudi Arabia's |
| 1:33.8 | Kingdom Holding Company. Musk, who's also CEO of Tesla and SpaceX, acquired Twitter in a deal |
| 1:39.7 | valued at around $44 billion in late 2022, implementing massive cost cuts and soon renaming it X. |
| 1:45.7 | Linda Yakorino, who Musk hired as CEO of X, wrote in a post after Friday's announcement, |
| 1:51.3 | The Future Could Not Be Brighter. |
| 1:53.4 | Musk launched XAI less than two years ago with a stated goal to understand the true nature of the universe. |
| 1:58.7 | This isn't the first time Musk has merged two of his entities. |
| 2:01.6 | In 2016, Tesla acquired Solar City for $2.6 billion. The solar installer was founded by his first cousins, Lyndon and Peter Rive, and funded by Musk who served as board chair. |
| 2:14.6 | Tesla shareholders later sued, alleging the deal amounted to a solar city bailout |
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