Musk's SpaceX and xAI Merge, Potentially Creating World's Most Valuable Private Company
Elon Musk's SpaceX is acquiring his artificial intelligence (AI) startup, xAI, in a deal that could value the combined entity as the world's most valuable private company. The merger aims to unify Musk's business interests, bringing together AI, rockets, space-based internet, and media under one roof, according to a memo from Musk posted on SpaceX's website.
While the terms of the deal were not disclosed, a source familiar with the matter told BBC Technology that the acquisition valued xAI at $125 billion and SpaceX at $1 trillion. If accurate, this would make the merged company the most valuable private company ever. In his memo, Musk stated that the combination would form an "innovation engine."
xAI is a smaller firm known for its Grok chatbot. The merger comes as Musk continues to consolidate his various ventures.
Novo Nordisk Warns of "Painful" Price Cuts as Shares Plunge
Shares in Novo Nordisk, the Danish company that produces Ozempic and Wegovy, experienced a significant drop of 18% after the company warned of impending profit and sales declines due to steep price cuts. BBC Business reported that Chief Executive Maziar Mike Doustdar described the pricing pressures as "unprecedented" and "painful."
The company anticipates profits and sales to fall by as much as 13%. Novo Nordisk attributed the situation to a deal made with former US President Donald Trump, along with rival Eli Lilly, to lower the cost of weight-loss drugs for Americans. The company has also faced recent turmoil, including thousands of job cuts amid warnings of increasing competition.
Prediction Markets See Rise in Bets on Catastrophic Events
The Guardian highlighted the increasing popularity of prediction markets, where individuals can place bets on a range of events, including catastrophic world events. The report cited an example of someone who placed a series of bets that Donald Trump would oust Nicolás Maduro, the Venezuelan leader, on a prediction market platform and netted nearly $500,000 when it happened.
Europe and Gulf Countries Strengthen Ties at World Governments Summit
The World Governments Summit in Dubai saw a record turnout from European countries, signaling a strengthening of ties between Europe and Gulf nations. Euronews reported that the UAE is positioning itself as a neutral hub for global dialogue. Omar Al Olama, UAE minister of state for AI, stated that "the world requires a place where, whether it's adversaries, whether it's different geographies, to at least have dialogue." The summit served as a platform for high-level representatives from both regions to engage in discussions.
Discussion
AI Experts & Community
Be the first to comment