Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

xAI has acquired X, xAI now valued at $80B

twitter.com

Post reply on HN
Print view View original

851–860 of 1001 posts

Re: xAI has acquired X, xAI now valued at $80B

#851

Post by phatfish »

dgfitz wrote: post #270
bayarearefugee wrote: post #24

Earlier quoted context omitted.

My take is that its super obvious X is a rapidly failing social media platform that is reportedly very dangerously leveraged with Tesla stock value... but xAI still has that Zombo.com magic where anything is possible and the unattainable is unknown.

I was watching the US NCAAM basketball tournament last night, and all the announcers had their Twitter handles displayed under their names. I had a thought that Twitter will eventually become a group of: famous people, media, and bots all just tweeting at each other. Or people do still use the platform. I never have, so I can’t say one way or the other.

For celebrities it is a bullet point on their CV.

- Control of high engagement Twitter account with 50 bazillion followers.

Like commits on Github for tech bros. All those spelling mistakes won't fix themselves.

Re: xAI has acquired X, xAI now valued at $80B

#852

Post by silisili »

acdha wrote: post #771
silisili wrote: post #664

Earlier quoted context omitted.

He didn't leverage Tesla stock to buy X. These Reddit level takes with zero research are making threads like this really annoying to read. All emotions, zero facts.

Speaking of threads with zero facts, can you cite your research? Here’s mine showing $12.5B secured by TSLA shares: https://www.sec.gov/Archives/edgar/data/0001418091/000110465... That wasn’t the only funding, of course, but it’s a big chunk: https://web.archive.org/web/20220422035052/https://www.bloom... https://www.nytimes.com/2022/04/25/technology/musk-twitter-s...

Again, you're just citing three things from the same date, and I don't believe it's in good faith.

Elsewhere I suggested people to just Google it, because it gives you an honest answer. So does chatGPT. So does the Wiki page on the deal, with sources.

Here is one said source -

https://www.theverge.com/2022/5/25/23141940/elon-musk-tesla-...

Re: xAI has acquired X, xAI now valued at $80B

#853

Post by dfedbeef »

refurb wrote: post #792
dcchambers wrote: post #500

So the real story here is that he was in danger of getting margin called on the loan he took to buy Twitter which he financed with TSLA shares as collateral, and this is him moving money around so he doesn't have to face the reality of actually getting margin called amid a sinking TSLA, right?

This makes no sense. He sold a bunch of Tesla stock, used other stock as collateral for a $6B loan and the rest was outside money. He did all this for a $6B loan he could repay no problem?

ever heard of 'cash poor'

Re: xAI has acquired X, xAI now valued at $80B

#855

Post by rayiner »

haliskerbas wrote: post #841
bhouston wrote: post #29

He has done this move before with Tesla buying Solar City. When you do a deal with yourself you can assign any value you want to assets, it isn’t a competitive process. In the previous case Solar City was dying but its acquisition by Tesla was pitched as a great synergy. https://www.businessinsider.com/solarcity-tesla-energy-belea... There were a few lawsuits from Tesla shareholders about the acquisition regarding se…

I thought self dealing was usually illegal. I can’t sell my family member my house for $1 for example. But you can do the same thing with companies?

You can sell your house to a family member for $1. (There might be tax implications if you sell a $100,000 property for $1 to avoid gift tax limits or whatever, but that’s a separate issue.) I sold my car to my sister in law for $1.

Self dealing is also permissible with companies. Corporate officers and directors must still meet their fiduciary duties to shareholders. And the potential for conflict of interest changes how courts will evaluate the transaction if a shareholder complains about a breach of fiduciary duties. Ordinarily, in Delaware, operate transactions are protected by the “business judgment rule” that gives wide latitude to corporate officers and directors. https://plusblog.org/2023/11/28/the-business-judgement-rule-.... But if there is self dealing, courts will scrutinize the actual fairness of the transaction. But self dealing isn’t per se impermissible.

Re: xAI has acquired X, xAI now valued at $80B

#856

Post by Denvercoder9 »

haliskerbas wrote: post #841
bhouston wrote: post #29

He has done this move before with Tesla buying Solar City. When you do a deal with yourself you can assign any value you want to assets, it isn’t a competitive process. In the previous case Solar City was dying but its acquisition by Tesla was pitched as a great synergy. https://www.businessinsider.com/solarcity-tesla-energy-belea... There were a few lawsuits from Tesla shareholders about the acquisition regarding se…

I thought self dealing was usually illegal. I can’t sell my family member my house for $1 for example. But you can do the same thing with companies?

> I can’t sell my family member my house for $1 for example

In most countries you absolutely can. The difference between market value and the sale price might be considered and taxed as a gift, but such a deal is generally not prohibited.

Re: xAI has acquired X, xAI now valued at $80B

#858

Post by facile3232 »

psd1 wrote: post #843
facile3232 wrote: post #701

Earlier quoted context omitted.

shareholder value maximization, shareholder value maximization über alles I just wanna know where we can find these shareholders and evict them from earth because they're destroying everything.

Sadly, my pension I have no holdings in armaments or instruments of torture, apparently. But that's about the most constraint I can apply, short of self-managing.

Easily-replaceable with the correctly shaped welfare-state, never fear!

Re: xAI has acquired X, xAI now valued at $80B

#859

Post by piokoch »

haliskerbas wrote: post #841
bhouston wrote: post #29

He has done this move before with Tesla buying Solar City. When you do a deal with yourself you can assign any value you want to assets, it isn’t a competitive process. In the previous case Solar City was dying but its acquisition by Tesla was pitched as a great synergy. https://www.businessinsider.com/solarcity-tesla-energy-belea... There were a few lawsuits from Tesla shareholders about the acquisition regarding se…

I thought self dealing was usually illegal. I can’t sell my family member my house for $1 for example. But you can do the same thing with companies?

Obviously you can sell house for $1 to a family member, this will not help to avoid taxes though, as tax office for taxing purposes evaluates value of the house independently.

Re: xAI has acquired X, xAI now valued at $80B

#860

Post by rchaud »

deadbabe wrote: post #386
legendofbrando wrote: post #301

In similar news: my left hand acquired my right hand today in an all stock deal valuing the combined hands at $1T. Praising the announcement my arms noted on the deal: “With these two hands now together, there’s nothing our combined fist of might can’t do.” Competitors, my left and right feet, declined to comment on the merger but are said to be in their own separate talks about a deal.

What are you gonna do with two hands?

Accelerate our work towards achieving AGH
Post reply on HN