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Twitter Renamed to X, How Elon Musk Climbed to the Top as the World's Richest Person

TraderKnows
TraderKnows
05-06

Twitter is renamed X and has replaced the original blue bird logo. As of July 2023, Tesla CEO Elon Musk is the wealthiest person in the world. Recently, Musk announced his latest venture—xAI.

Elon Musk has renamed Twitter to X. Musk announced the rebranding on Sunday via Twitter, stating that http://X.com now redirects to https://twitter.com/. Twitter's original blue bird logo has now been replaced by X.

Elon Musk became the wealthiest person in the world in July 2023, with a net worth of 254 billion US dollars. Musk recently announced his latest venture—xAI, a company focused on artificial intelligence. According to the company's website, xAI aims to "understand the true nature of the universe." Musk hopes that through the research and innovations of xAI, he can drive progress in the field of artificial intelligence. The xAI team will consist of Musk as well as former employees from renowned companies such as OpenAI, DeepMind, Google Research, Microsoft Research, and Tesla.

Musk owns 13% of Tesla's shares and 79% of Twitter's shares. Tesla is one of the world's most valuable car manufacturers, producing and designing all-electric vehicles and energy generation and storage systems. Founded in 2003 by Martin Eberhard and Marc Tarpenning, Musk began investing in the company in 2004 and joined the board of directors. He became CEO of Tesla in 2008, leading the company into a new phase of development. Musk's relentless pursuit of electric vehicle technology and sustainable energy has spurred Tesla's innovation and growth, continually launching new electric vehicles. Tesla's technology and products have attracted global attention and driven the development of the electric vehicle industry.

In 2022, Musk acquired Twitter for 44 billion US dollars, completing the transaction within the same year. The acquisition was controversial, not only for laying off half of the company's workforce but also for introducing a paid subscription service for verified accounts (8 US dollars per month). Musk owns about 79% of Twitter's shares, with the company valued at approximately 20 billion US dollars.

Musk is also the co-founder and CEO of SpaceX, a rocket manufacturing company that collaborates with NASA to supply the International Space Station. SpaceX is one of the most valuable private companies in the United States, valued at 137 billion US dollars.

Musk also founded The Boring Company, which aims to reduce traffic congestion and improve urban transportation efficiency using an underground tunnel system. According to Forbes, the company was valued at 5.7 billion US dollars in April 2022 and raised 675 million US dollars that year. According to Reuters, Neuralink is valued at approximately 5 billion US dollars. Musk is one of the co-founders of Neuralink, a company that has designed a chip that can be implanted into the brain to achieve higher levels of brain control and data transfer, potentially bringing significant breakthroughs in medicine, neuroscience, and human-computer interaction.

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