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SpaceX acquires xAI in $250 billion all-stock deal
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Elon Musk announced that SpaceX has acquired xAI in a $250 billion all-stock transaction, valuing the combined entity at $1.25 trillion. The merger aims to integrate SpaceX's space infrastructure with xAI's artificial intelligence capabilities, focusing on orbital data centers powered by solar energy. This move follows speculation about potential consolidations among Musk's companies and positions the firm for a possible initial public offering this year.
Paramount Skydance has filed with the FCC stating that the merged Paramount-Warner Bros. Discovery will see Middle Eastern funds holding 38.5% of the equity. Saudi Arabia’s Public Investment Fund will take a 15.1% stake, the UAE’s sovereign wealth fund 12.8%, and Qatar Investment Authority 10.6%. Foreign investors will lack board seats or voting shares, with control remaining with the Ellison family and RedBird Capital Partners.
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Movie theater owners through Cinema United have sent letters to state attorneys general associations, calling for an investigation and block of the proposed Paramount-Warner Bros merger. The group warns that the deal could reduce competition, raise ticket prices, and harm local communities. Cinema United's leader Michael O’Leary highlighted risks to Main Street businesses and smaller theaters.
Elon Musk's SpaceX is exploring a potential merger with Tesla or xAI, according to a Bloomberg report citing sources familiar with the matter. The discussions remain in early stages with no decisions made. Tesla's shares rose 3% following the after-hours report.
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South Korea's Fair Trade Commission has ordered Korean Air to revise its mileage integration plan as part of its merger with Asiana Airlines. The directive focuses on supplementing measures for bonus seats and seat upgrades. Korean Air must submit the updated plan within one month to protect customer interests.