Elon Musk's SpaceX acquired his artificial intelligence startup, xAI, in a deal that valued the combined entity at $1.125 trillion, making it the most valuable private company ever, according to a source familiar with the deal. The merger aims to create an "innovation engine" combining AI, rockets, space-based internet, and media under one roof, according to a memo from Musk posted on SpaceX's website.
The terms of the deal were not disclosed, but the acquisition comes as other companies are also making significant moves in the business world. Walmart recently became the first traditional retailer to hit a $1 trillion market valuation, propelled by its booming e-commerce business and investments in AI, according to BBC Business. The company's stock move to the tech-heavy Nasdaq reinforced its push to be seen as a digital company.
Meanwhile, Disney named Josh D'Amaro, the head of its amusement park business, as its new chief executive, replacing Bob Iger, BBC Business reported. D'Amaro, a 28-year veteran of the company, is due to start in the new 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.
In other business news, PepsiCo announced it would cut the prices of some of its snack products in the US, including Doritos, Lays, and Cheetos, after backlash against previous price hikes, according to BBC Business. 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 will drop by just under 15%.
These business developments come amid growing concerns about the proliferation of AI-generated content online. BBC Technology reported on the rise of AI "slop" on social media, exemplified by viral images containing tell-tale signs of AI creation, raising questions about authenticity and the impact on online discourse.
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