Washington15 hours ago
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Ilon Musk has sold its own social media company X for its own Artificial Intelligence (AI) company XAI for $ 33 billion i.e. about 2.82 lakh crore rupees. It is an all-stock deal, which means that it has transacted shares instead of cash.
Musk said in a post on X- the future of XAI and X is connected among themselves. Today, we are officially stepping towards bringing data, models, computing, distribution and talent together. This will open immense possibilities by combining XAI’s better AI ability and expertise with a large access to X.
What will happen by meeting X and XAI, what will users get?
- Musk has done this to connect XAI’s advanced AI technology with a large user base (over 60 million active users) of X.
- Using XAI data, Xai will be able to train its AI models (eg Grok Chatbot) more easily. X users can get better, AI Powered Experience.
- Musk claims that this combination will “intensify the human progress” and strengthen their core missions “the discovery of truth and further knowledge”.
- Better content recommendation in real-time, catching fake news or giving more fast to users’ questions.
Understand the entire deal:
Background:
- Ilon Musk bought X (earlier Twitter known as Twitter) in October 2022 for $ 44 billion. According to today, this amount is ₹ 3.76 lakh crore.
- XAI was launched by Musk in 2023, which aims to increase our understanding of the universe through AI. The company has developed advanced AI models such as Groke.
Deal Structure:
- This is an “all-stock” deal, ie XAI has used its shares to buy X, not cash payments. This will give XAI investors in XAI.
- The value of X has been fixed at $ 33 billion, which has been withdrawn by decreasing a loan of $ 12 billion from its total value of $ 45 billion. XAI has a value of $ 80 billion.
- 33 billion dollars i.e. 2.82 lakh crore rupees. 45 billion dollars i.e. 3.85 lakh crore rupees. 12 billion dollars i.e. 1.03 lakh crore rupees.
Affect:
- For Musk: This deal will add to Musk’s business umpire to each other, which will increase cooperation between their companies.
- For people: Musk claims that this will give billions of people more smart and more miningful experience.
Musk bought Twitter on 27 October 2022 for $ 44 billion (existing value-₹ 3.76 lakh crore). He then made several other changes including renaming the platform to rename X.
1. Exhaled more than half of employees
After purchasing Twitter on 27 October 2022, Musk first took out four top officials of the company. These included CEO Parag Aggarwal, Finance Chief Ned Segal, Legal Executive Vijaya Gadde and Scene Edgate. When Musk took command of X, it had around 7500 amlai, but now around 2500 is left.
2. Non-blocking several block accounts
In November 2022, Musk unblock several block accounts including former US President Donald Trump. He had a poll on X on Trump’s return. He had asked, should the account of President Trump be restored. Yes or no. More than 1.5 crore users participated in voting and 52% of people replied yes.
3. Blue Subscription Service launched
On 12 December 2022, Ellon Musk launched a blue subscription in some countries at $ 8 per month. In February 2023, it was launched for web users in India for Rs 650 for mobile in Rs 900 a month. It contains many features including blue tick, long video posts. Musk later changed the name of this service from Twitter Blue to X premium.
4. Legacy Blue Check Marks removed
On 20 April 2023, Musk removed all the legacy blue check mark from his platform. Blue Czech mark was previously reserved for the verified account of politicians, famous personalities, journalists and other public personalities. Musk added it to the subscription service. Now the user with subscription gets a blue checkmark only after the Twitter team review.
5. Character limit increased, post reading limit
Musk has increased the character limit of the post from 280 to 25,000. When this company was formed, the character limit was 140. The post reading limit is also of Apply. Verified users can read only ten thousand posts in a day. Unrewded users one thousand posts, while new universified users can read only 500 posts daily.
6. Linda Yacarino made CEO of the company
On 5 June 2023, Linda Yacarino joined the company as CEO. Earlier, she was the chairman of Global News-Patiala and Partnership at NBC Universal. Linda was made the CEO of the company by Musk. He himself was handling this responsibility before Linda.
7. Change the name and logo of the platform to x
On 24 July 23, Ilon Musk made the biggest change and changed the name and logo of ‘Twitter’ to x. On changing the name, Musk had said- Twitter will provide all types of financial service in the coming months. In such a situation, the name Twitter has no meaning. At the same time, CEO Linda Yacarino said- AI Poward ‘X’ will connect us in ways that we are now starting to imagine.
8. Increased limit to upload video
Ilon Musk has increased the limit to upload videos on X. Premium users can upload videos of up to 4 hours. The limit for non-pramium users is 140 seconds. X started a short video feature. A dedicated “Videos” tab has been added to it.