Elon Musk’s xAI buys X

Welcome back to Week in Review! Elon Musk says that xAI bought X in an all-stock deal; a16z-backed 11x faked some customers; the Lumon Terminal Pro pops up on Apple’s website; and much more. Let’s dig in! xAI buys X: X owner Elon Musk announced on X on Friday that xAI acquired X in an all-stock transaction. This combination values xAI at $80 billion and X at $33 billion. “Today, we officially take the step to combine the data, models, compute, distribution and talent,” Musk said. Fudging the numbers: More than 20 sources — including investors and current and former employees — told TechCrunch that a16z- and Benchmark-backed 11x has experienced financial struggles, largely of its own making. “They absolutely massaged the numbers internally when it came to growth and churn,” a former employee said. Block layoffs: A leaked message by Block CEO Jack Dorsey reviewed by TechCrunch revealed that the company — which owns Cash App and Square — was laying off 931 people, or 8% of the company, ... Read full article.