Elon Musk's SpaceX is set to acquire his artificial intelligence startup, xAI, in a deal that would value the combined entity as the world's most valuable private company, according to the BBC. The merger aims to create an "innovation engine" integrating AI, rockets, space-based internet, and media under one roof, according to a memo from Musk posted on the SpaceX website.
The deal, confirmed by SpaceX, values xAI at $125 billion and SpaceX at $1 trillion, according to a source familiar with the matter. The terms of the acquisition were not disclosed. The merger reflects Musk's ongoing efforts to unify his various business interests.
In other business news, Walmart became the first traditional retailer to achieve a $1 trillion market valuation, the BBC reported. This milestone places Walmart among a small group of companies, primarily tech firms like Nvidia and Alphabet, with valuations exceeding $1 trillion. The company's success is attributed to its booming e-commerce business, its ability to attract price-conscious shoppers, and Wall Street's positive response to its investments in artificial intelligence. Walmart's decision to move its stock listing to the Nasdaq was seen as reinforcing its push to be viewed as a digital company.
Meanwhile, Netflix and Warner Bros. Discovery faced scrutiny from the US Senate regarding their proposed $82 billion merger, according to the BBC. During a Senate antitrust subcommittee hearing, lawmakers from both parties raised concerns about potential reduced competition, price increases, and the future of cinemas if the deal proceeds. The Department of Justice is currently reviewing the proposed merger. Ted Sarandos, chief executive officer of Netflix, and Bruce Campbell, chief revenue and strategy officer at Warner Bros. Discovery, testified before the subcommittee.
In other executive leadership news, Disney appointed Josh D'Amaro, the head of its amusement park business, as its new chief executive, according to the BBC. D'Amaro, a 28-year veteran of the company, will succeed current CEO Bob Iger, starting in the role on March 18. The selection of D'Amaro reflects Disney's focus on the division that has provided the most consistent profits, as the company navigates the evolving streaming landscape. The decision resolves a succession challenge for Disney, which saw Iger return in 2022 after his initial successor was ousted.
Separately, a new social network called Moltbook has emerged, designed for AI rather than humans, according to the BBC. Launched in late January by Matt Schlicht, head of commerce platform Octane AI, Moltbook allows AI to post, comment, and create communities called "submolts." While humans are welcome to observe, they are not permitted to post on the platform, which claims to have 1.5 million users.
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