Musk's SpaceX and xAI Merge, Creating Potentially Most Valuable Private Company
SpaceX, Elon Musk's space exploration company, absorbed xAI, his artificial intelligence startup, in a merger that could make the combined entity the world's most valuable private company, according to the BBC. The deal, confirmed by SpaceX through a memo from Musk posted on its website, aims to unify AI, rockets, space-based internet, and media under one roof, creating an "innovation engine."
Terms of the acquisition were not disclosed. However, a source familiar with the deal told Reuters that it valued xAI at $125 billion and SpaceX at $1 trillion. If accurate, this would make the merged company the most valuable private company ever.
The merger comes as Walmart became the first traditional retailer to hit a $1 trillion market valuation, propelling it into a small group dominated by tech firms, according to BBC Business. The milestone reflects the US retail giant's booming e-commerce business and its success in drawing in price-conscious shoppers. Wall Street has also responded enthusiastically to its investments in artificial intelligence (AI).
Meanwhile, Comac, China's state-owned planemaker, is making strides in the aviation industry, according to BBC Business. The company's C919 passenger jet, designed to compete with the Airbus A320neo and Boeing 737 MAX, was showcased at the Singapore Airshow, marking its first trip outside of Chinese territory two years ago. Comac is increasingly targeting markets beyond China, with its sights set on the Southeast Asian aviation market.
In other news, prediction markets are gaining traction, allowing individuals to bet on catastrophic world events, according to The Guardian. One example cited was someone who placed a series of bets that Donald Trump would oust Nicolás Maduro on a prediction market platform, netting them nearly $500,000 when it happened.
Separately, Al Jazeera reported on a recently released audio recording capturing Jeffrey Epstein and former Israeli Prime Minister Ehud Barak discussing the large sums paid to former UK Prime Minister Tony Blair for his consulting work. The recording, released by the United States Department of Justice, reveals the men questioning Blair's financial arrangements.
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