I guess this works out for the investors who go from owning shares in a struggling social media business to owning shares in an extremely hyped AI startup.
This explains why they were fine raising X’s valuation a few weeks ago.
https://www.nbcnews.com/tech/tech-news/elon-musk-ai-startup-acquires-x-33-billion-rcna198664
Remember when he used to complain about bots?
@carnage4life it makes it simpler. This way one company can fail instead of two.
@carnage4life but wouldn't they still own X shares instead of xAI shares?
@carnage4life This strategy is the actual ponzi scheme.
@carnage4life You mean I'm allowed to just make companies and sell them to each other? I should have taken a business class in college.
@carnage4life this has worked for him in the past. Tesla bought his struggling solar city. And he’s used his other co Paines to buy shares of each other to keep stock values up until he was able to get retail investors to go all in, which eventually got institutional to buy in as well.
@carnage4life Why do I have a shell game gif running through my mind right now?
@carnage4life yeah, this seems totally set up to bail out twitter investors, to the detriment of xAI investors.