Interesting. It looks like xAI was looking for funding in February, but the valuation wasn’t what they wanted. They did an all-stock deal to acquire X, which also means they acquired all of X’s debt, and the valuation of xAI is now at a level that helps them secure the funding they wanted.

Since X/Twitter is no longer publicly traded, this doesn’t defraud public shareholders, I wouldn’t think. It might be considered fraud for other reasons, though.