Elon Musk’s social media platform X, which is owned by AI firm xAI (PC:XAIIQ), is introducing a new feature called the “handle marketplace,” which will let users request to buy usernames that are currently inactive. According to X, this will be the first system of its kind, and it hopes that it will fairly redistribute unused handles.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Interestingly, it is also worth mentioning that only premium subscribers will be eligible to participate. The marketplace will work by giving users the option to search for handles and either request them for free or purchase them. This approach is designed to prevent bots from grabbing handles the moment they become available, which could lead to abuse or unfair hoarding.
Furthermore, the prices for rare usernames could start at around $2,500 and potentially reach over $1 million, depending on demand. As a result, X hopes that the program will generate new revenue at a time when its ad business is facing challenges. However, ad revenue isn’t the only issue that the overall firm is facing. Indeed, xAI has seen a wave of high-profile departures across the two companies over the past several months. This includes xAI Co-founder Igor Babuschkin and former X CEO Linda Yaccarino.
What Is the Prediction for Tesla Stock?
When it comes to Elon Musk’s companies, most of them are privately held. However, retail investors can invest in his most popular company, Tesla (TSLA). Turning to Wall Street, analysts have a Hold consensus rating on TSLA stock based on 15 Buys, 13 Holds, and 10 Sells assigned in the past three months, as indicated by the graphic below. Furthermore, the average TSLA price target of $365.82 per share implies 18.2% downside risk.
