Musk has fulfilled his promise by gifting xAI shares to X shareholders

ChainCatcher news, according to the Financial Times, Elon Musk has fulfilled his promise by gifting shares of his artificial intelligence startup xAI to X shareholders.

Musk promised last year to give X shareholders 25% of the new company, but there has been little news about this commitment since then. The Financial Times reported on Wednesday that X shareholders received a quarter of the equity in two rounds of financing for xAI, with one round now completed, valuing the AI startup at $50 billion.

The Financial Times reported that xAI stock may be enough to offset the losses X shareholders incurred from their investments in the social media platform. Since Musk took over, X's business has collapsed as advertisers have fled, leading to a significant drop in its revenue.