On Saturday, there were large-scale demonstrations in America and around the world, all to protest Elon Musk and Tesla. The rallies/demonstrations were mostly held close to Tesla dealerships. The message: don’t buy a Tesla, sell your Tesla stock and join the “Tesla Takedown” movement. They absolutely want to tank Tesla’s stock and it’s working. Musk was on Fox News again, crying about how the government will go after people protesting Tesla.
Musk says says free speech ends where criticism of his defective and overpriced Tesla shit boxes starts. #TeslaTakeDown
— Anonymous (@youranoncentral.bsky.social) March 29, 2025 at 3:52 PM
Meanwhile, Musk is moving money around in a bizarre way. He has sold Twitter to one of his own companies, xAI. All of this AI sh-t is making my head spin:
Elon Musk said on Friday that his startup xAI has merged with X, his social network, in an all-stock transaction that values the artificial intelligence company at $80 billion and the social media company at $33 billion.
“xAI and X’s futures are intertwined,” Musk, the world’s richest person, wrote in a post on X. “Today, we officially take the step to combine the data, models, compute, distribution and talent.” He added that the merger would, “unlock immense potential by blending xAI’s advanced AI capability and expertise with X’s massive reach.” The purchase price, he said, was $45 billion less $12 billion in debt.
Because both companies are privately held and controlled by Musk, the transaction likely amounts to a stock swap, with X investors getting paid out in xAI shares. The companies have a number of mutual investors, including venture firms Andreessen Horowitz and Sequoia Capital, as well as Fidelity Management, Vy Capital and Saudi Arabia’s Kingdom Holding Co.
Musk, who’s also CEO of Tesla and SpaceX, acquired Twitter in a deal valued at around $44 billion in late 2022, implementing massive cost cuts and soon renaming it X. Linda Yaccarino, who Musk hired as CEO of X, wrote in a post after Friday’s announcement, “The future could not be brighter.”
Musk launched xAI less than two years ago with a stated goal to “understand the true nature of the universe.” The startup has been trying to compete directly with OpenAI, the richly valued AI startup that Musk co-founded in 2015 as a non-profit research lab. He later left OpenAI and has recently been involved in a public relations and legal spat with the company and CEO Sam Altman over the direction that it’s taken.
Environmental and public health advocates have raised concerns about the breakneck speed of xAI’s development in Memphis, citing a lack of community input and oversight. Colossus is powered by natural gas burning turbines and xAI plans to expand and build a graywater facility nearby as well.
Investors valued xAI at around $50 billion in a financing round last year. Bloomberg reported last month that the company was in talks to raise funds at a $75 billion valuation. OpenAI was close to wrapping up a round in February at $260 billion, while generative AI startup Anthropic was valued at $61.5 billion in a deal that closed this month.
“The companies have a number of mutual investors, including venture firms Andreessen Horowitz and Sequoia Capital, as well as Fidelity Management, Vy Capital and Saudi Arabia’s Kingdom Holding Co…” Ah, I’m sure the Saudi royal family loves a return on their investment with xAI stock?? It’s so crazy that Musk is too stupid to understand how Social Security works – he keeps calling it a Ponzi scheme – and yet his businesses are all a house of cards.
Photos courtesy of Avalon Red.
