SAN FRANCISCO: Elon Musk on Friday said his artificial intelligence startup xAI is buying his social networking platform X in a deal valuing the company once known as Twitter at $33 billion.
“This combination will unlock immense potential by blending xAI’s advanced AI capability and expertise with X’s massive reach,” Musk said in a post on his social network.
X has more than 600 million users, and its future is “intertwined” with that of xAI, launched two years ago, according to Musk.
“Today, we officially take the step to combine the data, models, compute, distribution and talent,” Musk said of combining the two companies.
“This will allow us to build a platform that doesn’t just reflect the world but actively accelerates human progress.”
The companies are being combined in an all-stock deal that values xAI at $80 billion and X at $33 billion, factoring in the social network’s $12 billion debt.
Musk bought Twitter for $44 billion in late 2022 in a transaction that included debt and launched xAI the following year, spending billions of dollars on high-end Nvidia chips for the venture.
xAI in February released the latest version of its chatbot, Grok 3, which the billionaire hopes will find traction in a highly competitive sector contested by the likes of ChatGPT and China’s DeepSeek.
Musk has promoted Grok 3 as “scary smart,” with 10 times the computational resources of its predecessor that was released in August last year.
Grok 3 is also going up against OpenAI’s chatbot, ChatGPT — pitting Musk against collaborator-turned-arch rival Sam Altman.
Musk and Altman were among the 11-person team that founded OpenAI in 2015.
Created as a counterweight to Google’s dominance in artificial intelligence, the project got initial funding from Musk.
Musk left three years later, and then in 2022 OpenAI’s release of ChatGPT created a global technology sensation — which made Altman a tech world star.
Their relationship has become increasingly toxic and litigious ever since.
X’s billionaire owner, the world’s richest person, is a major financial backer of US President Donald Trump and heads a Department of Government Efficiency that has been slashing the ranks of government employees.
Industry analysts at Emarketer this week forecast that ad revenue at X will grow this year as brands fear retaliation by politically connected Musk if they don’t spend on the platform.
“Many advertisers may view spending on X as a cost of doing business in order to mitigate potential legal or financial repercussions,” said Emarketer principal analyst Jasmine Enberg.
Elon Musk says xAI startup buying X platform
https://arab.news/7n86t
Elon Musk says xAI startup buying X platform
Chile wildfires leave 19 dead amid extreme heat as scores evacuated
- Fast-moving wildfires being worsened by intense heat, winds
- Firefighters battling 23 active blazes spreading toward cities
CONCEPCION, Chile: Wildfires in Chile have left at least 19 people dead, authorities said on Monday, as the government carried out mass evacuations and fought nearly two dozen blazes exacerbated by intense heat and high winds.
While weather conditions overnight helped control some fires, the largest were still active, with adverse conditions expected throughout the day, security minister, Luis Cordero, said at a news briefing on Monday.
“The projection we have today is of high temperatures,” Cordero said, and the main worry was that new fires would be triggered throughout the region.
Parts of central and southern Chile were under extreme heat warnings with temperatures expected to reach up to 37 Celsius (99 Fahrenheit).
STATE OF EMERGENCY DECLARED IN NUBLE, BIO BIO
As of late Sunday, Chile’s CONAF forestry agency said firefighters were combating 23 fires across the country, the largest of which were in regions of Ñuble and Bío Bío, where President Gabriel Boric declared a state of catastrophe.
Over 20,000 hectares (77 square miles) have been razed so far, an area about the size of Seattle, with the largest fire surpassing 14,000 hectares on the outskirts of the coastal city Concepcion.
The fast-moving blaze tore through the towns of Penco and Lirquen over the weekend, destroying hundreds of homes and killing several people, with authorities still assessing the damage.
HEAT, BLAZES ALSO IMPACT ARGENTINA
Authorities are currently battling the fire as it threatened Manzano prison on the edge of Concepcion and the town of Tome to the north.
Both Chile and Argentina rang in the new year with heat waves which have continued into January. Earlier this month, wildfires broke out in Argentina’s Patagonia, burning around 15,000 hectares.
