SpaceX and xAI Merge, Valued at Over $1 Trillion
Elon Musk's SpaceX acquired his artificial intelligence startup, xAI, in a deal that values the combined entity at over $1 trillion, making it the most valuable private company ever, according to BBC Technology. The merger aims to unify AI, rockets, space-based internet, and media under one roof, forming an "innovation engine," according to a memo from Musk posted on the SpaceX website.
The terms of the deal were not disclosed, but a source familiar with the matter told BBC Technology that xAI was valued at $125 billion and SpaceX at $1 trillion. The merger consolidates Musk's diverse business interests.
In other business news, Novo Nordisk, the Danish company that produces Ozempic and Wegovy, experienced an 18% plunge in shares after warning that price cuts would be "painful" for the firm, reported BBC Business. Chief Executive Maziar Mike Doustdar called the pricing pressures "unprecedented" and said things would get worse before they improve. The company expects profits and sales to fall by as much as 13%. Novo Nordisk cited a deal with former US President Donald Trump to lower the cost of weight-loss drugs for Americans as a contributing factor to the situation. The company has also announced thousands of job cuts amid warnings of increasing competition.
Meanwhile, prediction markets are gaining traction, allowing individuals to bet on a range of global events, from political upheavals to catastrophic occurrences, according to The Guardian. One instance involved someone placing bets on the ousting of Venezuelan leader Nicolás Maduro shortly before an attack, netting nearly $500,000.
In US political news, a super PAC linked to the American Israel Public Affairs Committee (AIPAC) has targeted a "moderate" Democrat, Tom Malinowski, in a New Jersey House race, reported Al Jazeera. This marks a shift in strategy for the pro-Israel lobby group, which has typically focused on progressive candidates who question unconditional US military support for Israel.
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