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Hello, tech enthusiasts! Today, we dive into some exciting news that has rocked the tech world.
First up, Elon Musk has announced that xAI has acquired X in an all-stock deal, valuing xAI at a staggering $80 billion and X at $33 billion. This strategic merger promises to combine powerful data, innovative models, and exceptional talent.
In other news, a16z-backed 11x has been found to be inflating its growth metrics. Employees have reported that internal figures were manipulated to present a more favorable picture than reality, raising eyebrows in the finance sector.
Meanwhile, Block, the owner of Cash App and Square, is laying off 931 employees—about 8% of its workforce—as part of a major organizational restructuring. CEO Jack Dorsey insists that these layoffs are not driven by financial struggles or a shift to AI technologies.
This recap is just a glimpse into the whirlwind of updates from the tech landscape this week. Let’s keep our eyes peeled for what’s next!
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