Elon Musk's SpaceX is acquiring his artificial intelligence startup, xAI, in a deal that values the combined entity as the world's most valuable private company, according to a BBC Technology report. The merger, confirmed by SpaceX through a memo from Musk posted on its website, aims to create an "innovation engine" integrating AI, rockets, space-based internet, and media.
The deal values xAI at $125 billion and SpaceX at $1 trillion, according to a source familiar with the matter, BBC Technology reported. The terms of the deal were not disclosed. In his memo, Musk said the combination would form an "innovation engine" putting AI, rockets, space-based internet, and media under one roof.
Meanwhile, in other business news, Walmart became the first traditional retailer to achieve a $1 trillion market valuation, BBC Business reported. This milestone reflects the company's booming e-commerce business and success in attracting price-conscious shoppers. Wall Street has also responded positively to Walmart's investments in artificial intelligence. Walmart joins an elite club of mostly tech firms, including Nvidia and Alphabet, with valuations over $1 trillion.
Disney announced Josh D'Amaro, the head of its amusement park business, as its new chief executive, according to BBC Business. D'Amaro, a 28-year veteran of the company, will replace current boss Bob Iger, starting in the role on March 18. The decision ends a succession puzzle for the entertainment giant, which Iger has led for roughly two decades, except for a brief interlude that ended in 2022 when the board ousted his successor and asked Iger to return.
PepsiCo is set to cut prices on some of its snack products in the US, following backlash against previous price hikes, BBC Business reported. Products including Doritos, Lays (known as Walkers in the UK) and Cheetos will be cheaper in the US from this week. The snack conglomerate said it was "listening closely to customers" who are "feeling the strain" of the rising cost of living. The price of Doritos in the US will drop by just under 15%, according to BBC Business.
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