Elon Musk has sold social media site X to his own xAI artificial intelligence company in a $33 billion all-stock deal, the billionaire announced on Friday.
Well, not really. Twitter was his own private property that he bought with borrowed money secured against his Tesla shares. xAI on the other hand is financed by investors whose money he used to bail himself out at a price he made up himself since Twitter is no longer publicly traded. So this is, in my opinion, misuse of investor funds; the picture would be true if xAI used how own money to do this, but no.
On one hand,I think this is serious fraud. On the other, my understanding for anyone investing into his companies is very limited, there are so many red flags on so many levels.
The investors have a seat in the board of directors in xAI, and for a shareholder deal you must have board approval. So at least more than 50% of the directors support this, meanings he is legally in the clear.
Well, not really. Twitter was his own private property that he bought with borrowed money secured against his Tesla shares. xAI on the other hand is financed by investors whose money he used to bail himself out at a price he made up himself since Twitter is no longer publicly traded. So this is, in my opinion, misuse of investor funds; the picture would be true if xAI used how own money to do this, but no.
On one hand,I think this is serious fraud. On the other, my understanding for anyone investing into his companies is very limited, there are so many red flags on so many levels.
To understand Musk/Trump investors, imagine the investment to be an NFT.
The investors have a seat in the board of directors in xAI, and for a shareholder deal you must have board approval. So at least more than 50% of the directors support this, meanings he is legally in the clear.
yes its a perfect setup for a payoff.
Ah shit so maybe not fraud but bribery.
yeah figure musk is a bit smarter so didn’t need to get the loans he never pays back like trump.
I suspect the government(s) that represent the bulk of the funds behind xAI threw the money out to continue operating exactly as he has been.
They thought all they were getting was a piece of the latest hype. Now they’ve got leverage over the entire govt of the United Fucking States!
How to get a lawyer to investigate…