It’s not all him, several other people invested in both. According to some article Elon owns 79% of X, and only 54% of xAI (barely enough to control it). Since the valuation of X in the deal is about $20 billion more what others have estimated ($12.3 billion), it definitely seems like it’s a corrupt bailout 46% funded with other xAI investors’ money, basically netting Elon $8 billion overnight.
That being said, the other investors in xAI are easy marks like Marc Andressen (famous for funding Adam Neumann’s project that came after WeWork) and various Saudi Royals who possibly were convinced that this is ok.
I have seen 3 different posts and each had a different value for X. The number sends arbitrary. Who gives a shit what he paid for his own company.
It’s not all him, several other people invested in both. According to some article Elon owns 79% of X, and only 54% of xAI (barely enough to control it). Since the valuation of X in the deal is about $20 billion more what others have estimated ($12.3 billion), it definitely seems like it’s a corrupt bailout 46% funded with other xAI investors’ money, basically netting Elon $8 billion overnight.
That being said, the other investors in xAI are easy marks like Marc Andressen (famous for funding Adam Neumann’s project that came after WeWork) and various Saudi Royals who possibly were convinced that this is ok.
Convinced? This is how they’ve bribed him.
Mixture of bribe and getting scammed.