Musk has fulfilled his promise by gifting xAI shares to X shareholders

2024-11-27 21:45:15

Collection

ChainCatcher news, according to the Financial Times, Elon Musk has fulfilled his promise by gifting shares of his artificial intelligence startup xAI to X shareholders.

Musk promised last year to give X shareholders 25% of the new company, but there has been little news about this commitment since then. The Financial Times reported on Wednesday that X shareholders received a quarter of the equity in two rounds of financing for xAI, with one round now completed, valuing the AI startup at $50 billion.

The Financial Times reported that xAI stock may be enough to offset the losses X shareholders incurred from their investments in the social media platform. Since Musk took over, X's business has collapsed as advertisers have fled, leading to a significant drop in its revenue.

(Source Link)

Related tags

Musk xAI X

ChainCatcher reminds readers to view blockchain rationally, enhance risk awareness, and be cautious of various virtual token issuances and speculations. All content on this site is solely market information or related party opinions, and does not constitute any form of investment advice. If you find sensitive information in the content, please click "Report", and we will handle it promptly.