Business

Elon Musk sells X to AI startup for $33 billion

Published

8 months ago

March 29, 2025

Elon Musk sells X to AI startup for $33 billion

Billionaire entrepreneur Elon Musk has announced the merger of his artificial intelligence startup, xAI, with his social media platform, X, in an all-stock transaction valued at $45 billion.

This move brings xAI’s valuation to $80 billion, while X is valued at $33 billion.

Both xAI and X are privately held entities under Musk’s control.

The two companies share notable investors, including Andreessen Horowitz, Sequoia Capital, Fidelity Management, Vy Capital, and Saudi Arabia’s Kingdom Holding Co.

Musk, in a post on X, stated that the merger would combine their data, computing power, distribution, and talent to create more advanced AI-driven experiences while staying committed to their core mission of truth and knowledge advancement.

“@xAI has acquired @X in an all-stock transaction. The combination values xAI at $80 billion and X at $33 billion ($45B less $12B debt).

Since its founding two years ago, xAI has rapidly become one of the leading AI labs in the world, building models and data centers at unprecedented speed and scale.

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X is the digital town square where more than 600M active users go to find the real-time source of ground truth and, in the last two years, has been transformed into one of the most efficient companies in the world, positioning it to deliver scalable future growth.

xAI and X’s futures are intertwined. Today, we officially take the step to combine the data, models, compute, distribution and talent. This combination will unlock immense potential by blending xAI’s advanced AI capability and expertise with X’s massive reach. The combined company will deliver smarter, more meaningful experiences to billions of people while staying true to our core mission of seeking truth and advancing knowledge. This will allow us to build a platform that doesn’t just reflect the world but actively accelerates human progress.

I would like to recognize the hardcore dedication of everyone at xAI and X that has brought us to this point. This is just the beginning,” he stated.

xAI’s growing footprint in AI

Founded less than two years ago, xAI aims to “understand the true nature of the universe.” The company has been developing large language models and AI tools, positioning itself as a direct competitor to OpenAI, a company Musk co-founded in 2015 before exiting due to strategic differences.

In June 2024, xAI announced plans to build a supercomputer in Memphis, Tennessee, to train its AI chatbot, Grok. By September, Musk revealed that part of the Memphis-based supercomputer, called Colossus, was already online.

xAI’s rapid expansion has drawn scrutiny from environmental and public health advocates, who cite a lack of community input in its Memphis project. The Colossus supercomputer is powered by natural gas-burning turbines, and xAI plans to expand operations with a nearby graywater facility.

Elon Musk sells X to AI startup for $33 billion

Business

Imo Economic Summit: Aliko Dangote Vows to Become State’s Largest Investor

Published

2 days ago

December 4, 2025

Trends Admin

Imo Economic Summit: Aliko Dangote Vows to Become State’s Largest Investor

OWERRI — Africa’s richest man, Aliko Dangote, has assured Imo State Governor Hope Uzodimma that the Dangote Group is prepared to become one of the biggest investors in Imo State, reaffirming the conglomerate’s commitment to expanding its footprint in Nigeria.

Speaking on Thursday during the opening session of the Imo Economic Summit 2025, Dangote called on the state government to specify key sectors requiring investment, promising immediate action once directives are given.

Dangote, who described Governor Uzodimma as a long-time friend, commended him for fostering an enabling environment for business and economic growth in the state.

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“We will be one of your biggest investors in Imo. So please tell me the area to invest and we will invest,” he said.

The African industrialist also encouraged Nigerian entrepreneurs to focus on developing their home regions, stressing that sustainable economic growth cannot depend on foreign capital alone.

“What attracts foreign investors is a domestic investor. Africa has about 30 percent of the world’s minerals. We are blessed,” he noted.

Dangote further highlighted progress at the Dangote Refinery, announcing that the facility is on track to achieve a 1.4 million barrels-per-day production capacity, making it the largest single-train refinery in the world.

The assurance marks a significant boost for Imo State’s investment outlook as the government continues efforts to strengthen its economy and attract large-scale private sector participation.

Imo Economic Summit: Aliko Dangote Vows to Become State’s Largest Investor

Auto

Court of Appeal Affirms Ruling Barring VIO from Seizing Vehicles or Fining Motorists

Published

3 days ago

December 4, 2025

Trends Admin

Court of Appeal Affirms Ruling Barring VIO from Seizing Vehicles or Fining Motorists

The Court of Appeal, Abuja, on Thursday, upheld a previous Federal High Court judgment prohibiting the Vehicle Inspection Officers (VIO) and the Directorate of Road Traffic Services (DRTS) from confiscating vehicles or imposing fines on motorists without lawful authority.

A three-member panel of appellate justices, led by Justice Oyejoju Oyewumi, dismissed the appeal filed by the VIO, describing it as lacking merit and affirming the October 16, 2024 ruling of the high court.

The original suit, marked FHC/ABJ/CS/1695/2023, was filed by public interest lawyer Abubakar Marshal, who alleged that he was unlawfully stopped and had his vehicle confiscated by VIO officials at Jabi District, Abuja, on December 12, 2023. He contended that the action was a violation of his fundamental rights.

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Justice Nkeonye Maha of the Federal High Court had declared that no law empowers the VIO to stop, seize, impound, or fine motorists, and granted a perpetual injunction restraining the agency and its agents from further violating citizens’ freedom of movement, presumption of innocence, and right to own property.

The court held that only a court of competent jurisdiction can impose fines or sanctions on motorists. It further ruled that the actions of the Respondents violated Section 42 of the 1999 Constitution and relevant articles of the African Charter on Human and Peoples’ Rights.

Although the applicant had sought N500 million in damages and a public apology, the court awarded him N2.5 million. Respondents included the Director of the Directorate of Road Traffic Services, the Abuja Area Commander, the team leader, and the Minister of the Federal Capital Territory.

The appellate court’s decision confirms that the VIO and DRTS cannot legally harass motorists, reinforcing citizens’ constitutional rights on the road.

Court of Appeal Affirms Ruling Barring VIO from Seizing Vehicles or Fining Motorists

Business

BREAKING: CBN Removes Cash Deposit Limits, Raises Weekly Withdrawal

Published

4 days ago

December 3, 2025

Trends Admin

BREAKING: CBN Removes Cash Deposit Limits, Raises Weekly Withdrawal

The Central Bank of Nigeria (CBN) has announced sweeping changes to its cash-handling regulations, removing all limits on cash deposits and increasing the weekly cash withdrawal limit across all channels to N500,000, up from N100,000.

The changes were detailed in a circular titled “Revised Cash-Related Policies,” issued to all banks and signed by Dr. Rita Sike, Director of the Financial Policy & Regulation Department.

According to the apex bank, the revised framework is part of ongoing efforts to reduce the rising cost of cash management, strengthen security, and address money laundering concerns linked to Nigeria’s heavy dependence on cash transactions. The CBN noted that previous cash-related policies were introduced to discourage excessive cash usage and promote electronic payment systems, but evolving realities necessitated an update.

Effective January 1, 2026, several major adjustments will take effect. The cash deposit limit has been completely removed, and charges on excess deposits have been scrapped. Weekly withdrawal limits have also been increased to N500,000 for individuals and N5 million for corporate entities, with withdrawals beyond these levels attracting prescribed excess charges.

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The special monthly authorisation, which previously allowed individuals to withdraw N5 million and corporates N10 million once a month, has been discontinued.

For ATM withdrawals, the daily limit remains N100,000 per customer, with a maximum of N500,000 weekly, forming part of the overall withdrawal limit applicable to all channels, including POS transactions.

Excess withdrawals above approved thresholds will attract fees of 3% for individuals and 5% for corporate customers, shared between the CBN and the operating bank in a 40:60 ratio.

Banks have also been instructed to load all currency denominations in ATMs. The cap on over-the-counter encashment of third-party cheques remains fixed at N100,000, and such payments will count toward the cumulative weekly withdrawal limit.

Furthermore, financial institutions are required to submit monthly compliance reports to supervisory departments, including the Banking Supervision Department, Other Financial Institutions Supervision Department, and Payments System Supervision Department.

The circular clarified that revenue-generating accounts of federal, state, and local governments, as well as accounts held by microfinance and primary mortgage banks, are exempt from the new rules. However, long-standing exemptions previously granted to embassies, diplomatic missions, and aid-donor agencies have now been removed.