Musk confirmed the news via a post on X, saying that it was an all-stock transaction, which valued xAI at $80 billion and X at $33 billion. He stated that X’s full value was $45 billion before being lowered by $12 billion in debt.

“xAI and X’s futures are intertwined. Today, we officially take the step to combine the data, models, compute, distribution and talent,” Musk added. “This combination will unlock immense potential by blending xAI’s advanced AI capability and expertise with X’s massive reach.”

xAI was founded in 2023 by Musk as a competitor to ChatGPT-maker OpenAI. The company’s flagship product is the AI assistant Grok, which has been integrated into X since its inception. xAI had its latest funding round in December when it raised $6 billion and reached a valuation of $45 billion.

Musk acquired Twitter in 2022, paying $44 billion for the social media platform. He introduced a series of changes to the platform, including changing its name to X, while also making a series of job cuts. The company’s valuation dropped to $10 billion in September according to a report by Fidelity Investments, but apparently saw a massive turnaround since then.

The post Elon Musk Sells Social Media Platform X to His Own AI Startup xAI in a $33 Billion Deal appeared first on theprimarymarket.com.

TikTok, owned by China-based Bytedance, has faced scrutiny from the U.S. government due to national security concerns. Despite being used by more than 170 million Americans, the social video app was briefly banned in January in an effort to force Bytedance to sell its U.S. operations.

Musk has been mentioned as one of the potential bidders for TikTok due to his ties with China, where Tesla has a manufacturing plant. However, the wealthiest man in the world said that he doesn’t have an interest in buying the app.

“I have not put in a bid for TikTok,” Musk said during a recent appearance at a conference in Germany. “I don’t have any plans for what would I do if I had TikTok.”

“I’m not champing at the bit to acquire TikTok,” he added, saying that he doesn’t use the app personally.

After the initial ban, TikTok was temporarily made available again. However, the move was made in order to give Bytedance more time to orchestrate a sale and another shutdown still remains a possibility.

The post Elon Musk is No Longer Interested in Buying TikTok appeared first on theprimarymarket.com.

According to Bloomberg, a group of bankers led by Morgan Stanley contacted investors ahead of the planned sale that could take place as soon as next week. Morgan Stanley was one of the banks that lent Musk the money to complete the $44 billion buyout of X in 2022, along with Bank of America and Barclays.

They’re reportedly expecting to get 90 to 95 cents on the dollar, after contacting a small group of investors to assess their interest in the buyout. This marks the bank’s latest attempt to rid themselves of $13 billion of debt tied to Musk’s purchase of X, following a recent offload of about $1 billion to multiple investors in a private transaction.

X faced many changes since Musk took control of the social media platform in 2022, from the name change to massive layoffs that impacted thousands of people. The banks’ past attempts to sell the debt associated with the Twitter buyout led to significant losses, but there’s growing optimism surrounding the social media platform after Musk was appointed the Administrator of the Department of Government Efficiency in the U.S. Government.

The post Wall Street Banks Reportedly Gearing Up to Sell $3 Billion in X Loans appeared first on theprimarymarket.com.

According to xAI’s announcement, the Series C funding round saw participation from Blackrock, Fidelity Management & Research Company, Kingdom Holdings, Morgan Stanley, and Sequoia Capital among others. Semiconductor makers Nvidia and Advanced Micro Devices (AMD), which the company refers to as strategic investors, also took part in the funding round.

“The funds from this financing round will be used to further accelerate our advanced infrastructure, ship groundbreaking products that will be used by billions of people, and accelerate the research and development of future technologies enabling the company’s mission to understand the true nature of the universe,” xAI shared in a statement.

The company also provided an update on the latest version of its AI chatbot Grok, which is labeled as its “most powerful model yet.” Grok 3 is currently being trained and will be released as soon as the process is completed. Musk previously promised that Grok 3 will roll out by the end of 2024.

xAI had its Series B funding round in May, during which it also raised $6 billion. Reportedly, only the investors who took part in Series B were allowed to participate in Series C.

The post Elon Musk’s xAI Raises $6 Billion in Latest Funding Round, Now Valued at $45 Billion appeared first on theprimarymarket.com.

Musk increased his wealth by $20 billion thanks to the stock jump of the electric vehicle company Tesla and insider shares sales in space technology company SpaceX. Musk founded both companies and is currently their CEO.

Tesla stock closed at an all-time high of $424.77 per share on Wednesday after six straight days of gain. The EV company’s shares are 70.99% up year-to-date and reached a record for the first time since 2021.

Meanwhile, SpaceX sold $1.25 billion worth of shares during an insider sale. This gives the company a valuation of $350 billion, making it the most valuable startup in the world.

Bloomberg estimates that Musk’s net worth increased by $62.8 billion on Wednesday, making it the largest one-day wealth gain on record. His total net worth increased by $218 billion in 2024 alone and is now believed to be around $447 billion.

Besides Tesla and SpaceX, Musk’s net worth has also been boosted by ownership of the social media platform Twitter and artificial intelligence startup xAI. While Twitter is now valued at $12.32 billion compared to the $44 billion price Musk paid for it in April 2022, xAI has almost doubled in value in recent months and is now estimated to be worth $50 billion.

The post Elon Musk Becomes First Individual to Reach Net Worth of $400 Billion appeared first on theprimarymarket.com.

Besides preparing a tender offer for SpaceX, Musk is also pitching his artificial startup xAI to investors. Reportedly, the startup recently attracted investments of $5 billion and is now valued at $45 billion.

If the report ends up being true, the tender offer would put $250 billion on SpaceX. The company was valued at $180 back in December 2023, being the second most valuable startup in the world.

The report goes against what Musk, who serves as the company’s CEO, said in the past.

Back in May, Bloomberg News reported that SpaceX plans to launch a tender offer at $108 to $110 per share in the summer. At the time, Musk responded that the report was false and that the company “has no need for additional capital and will actually be buying back shares.”

SpaceX was founded in 2002 with the intention to reduce the costs of space launches, offering commercial space flights, and eventually setting up a human colony on Mars. Since then, the company has made a number of successful launches and has collaborated with a number of space agencies, including NASA.

The post Elon Musk’s SpaceX Set to Launch Tender Offer at $135 Per Share appeared first on theprimarymarket.com.

In addition to providing the green light for the Starship 5’s take off, the FAA also approved the mission profile of the Starship 6. Should the Starship 5 have an uncontrolled entry, it “must communicate that decision to the FAA prior to launch, the loss of the Starship vehicle will be considered a planned event, and a mishap investigation will not be required,” the FAA confirmed.

The FAA’s approval is widely welcomed by SpaceX, with founder Elon Musk previously criticizing the FAA for its proposal of a $633,000 fine against SpaceX on the grounds of launch issues.

The post SpaceX Starship 5 Flight Approved appeared first on theprimarymarket.com.

Moraes has requested X to suspend accounts that he deemed as a “threat” to Brazil’s democracy on several occasions in recent years. This resulted in a public back-and-forth between the judge and X’s CEO, Elon Musk, with Musk at one point stating he would reactivate previously suspended accounts. After Moraes opened an investigation revolving around Musk, the company announced it would respect the previous court orders.

Now, with X facing pressure to ban more accounts, the company made a decision to close its office in Brazil. Explaining the decision, X said Moraes made “threats” to arrest its legal representatives in the country if it doesn’t comply with his orders.

“As a result, to protect the safety of our staff, we have made the decision to close our operation in Brazil, effective immediately,” X shared on its official Government Affairs account.

X added that it will continue to make its social platform available for users in Brazil despite closing its office. It is estimated that Brazil is one of X’s biggest markets.

The post X to Cease its Operations in Brazil appeared first on theprimarymarket.com.

In his latest lawsuit attempt, Musk claimed that OpenAI had put “profits and commercial interests ahead of the public good,” according to Reuters. He also states that he has been “courted and deceived” to get involved in the company under the presumption that its mission is to benefit humanity.

As part of the lawsuit, he wants the court to put an end to OpenAI’s partnership with Microsoft concerning the use of AI models. Additionally, Musk believes that OpenAI’s language models should not be included in the licensing deal between the two companies.

OpenAI and Microsoft announced an “extended partnership” back in 2023. As part of the partnership, Microsoft committed to increasing its investments in OpenAI’s research and technology development while also integrating OpenAI’s models across consumer and enterprise products.

Musk previously sued OpenAI and Altman back in February, claiming that Altman “abandoned the company’s founding mission” and shifted its focus on profit. The lawsuit was later pulled back without any explanation in June.

The post Elon Musk Revives Lawsuit Against OpenAI and Its Co-Founder Sam Altman appeared first on theprimarymarket.com.

Courtney McMillian, who was responsible for Twitter’s compensation and benefits, and Ronald Cooper, Twitter’s operations manager, previously made a lawsuit against Musk, alleging that they didn’t receive appropriate severance when they were laid off. The lawsuit claimed that they and other fired Twitter staffers were owed three months of pay under the Employee Retirement Income Security Act (ERISA) while receiving only one month of pay.

Thompson ruled to dismiss the lawsuit, saying that ERISA doesn’t apply in this particular case because there was no “ongoing administrative scheme” after Musk’s takeover, while Twitter notified its staffers they would only receive cash payments in case of being laid off. The judge also added that the fired staffers can amend their complaint without claims related to ERISA.

This isn’t the only lawsuit from disgruntled ex-Twitter staffers who believe that they were shortchanged for severance Musk is dealing with. Two more lawsuits are currently underway, with one asking for $128 million in unpaid severance and the other one asking for $1 million. 

The post Court Rules That Elon Musk Doesn’t Need to Pay $500 Million in Severance to Fired Twitter Staffers appeared first on theprimarymarket.com.

Musk confirmed the news via a post on X, saying that it was an all-stock transaction, which valued xAI at $80 billion and X at $33 billion. He stated that X’s full value was $45 billion before being lowered by $12 billion in debt.

“xAI and X’s futures are intertwined. Today, we officially take the step to combine the data, models, compute, distribution and talent,” Musk added. “This combination will unlock immense potential by blending xAI’s advanced AI capability and expertise with X’s massive reach.”

xAI was founded in 2023 by Musk as a competitor to ChatGPT-maker OpenAI. The company’s flagship product is the AI assistant Grok, which has been integrated into X since its inception. xAI had its latest funding round in December when it raised $6 billion and reached a valuation of $45 billion.

Musk acquired Twitter in 2022, paying $44 billion for the social media platform. He introduced a series of changes to the platform, including changing its name to X, while also making a series of job cuts. The company’s valuation dropped to $10 billion in September according to a report by Fidelity Investments, but apparently saw a massive turnaround since then.

The post Elon Musk Sells Social Media Platform X to His Own AI Startup xAI in a $33 Billion Deal appeared first on theprimarymarket.com.

TikTok, owned by China-based Bytedance, has faced scrutiny from the U.S. government due to national security concerns. Despite being used by more than 170 million Americans, the social video app was briefly banned in January in an effort to force Bytedance to sell its U.S. operations.

Musk has been mentioned as one of the potential bidders for TikTok due to his ties with China, where Tesla has a manufacturing plant. However, the wealthiest man in the world said that he doesn’t have an interest in buying the app.

“I have not put in a bid for TikTok,” Musk said during a recent appearance at a conference in Germany. “I don’t have any plans for what would I do if I had TikTok.”

“I’m not champing at the bit to acquire TikTok,” he added, saying that he doesn’t use the app personally.

After the initial ban, TikTok was temporarily made available again. However, the move was made in order to give Bytedance more time to orchestrate a sale and another shutdown still remains a possibility.

The post Elon Musk is No Longer Interested in Buying TikTok appeared first on theprimarymarket.com.

According to Bloomberg, a group of bankers led by Morgan Stanley contacted investors ahead of the planned sale that could take place as soon as next week. Morgan Stanley was one of the banks that lent Musk the money to complete the $44 billion buyout of X in 2022, along with Bank of America and Barclays.

They’re reportedly expecting to get 90 to 95 cents on the dollar, after contacting a small group of investors to assess their interest in the buyout. This marks the bank’s latest attempt to rid themselves of $13 billion of debt tied to Musk’s purchase of X, following a recent offload of about $1 billion to multiple investors in a private transaction.

X faced many changes since Musk took control of the social media platform in 2022, from the name change to massive layoffs that impacted thousands of people. The banks’ past attempts to sell the debt associated with the Twitter buyout led to significant losses, but there’s growing optimism surrounding the social media platform after Musk was appointed the Administrator of the Department of Government Efficiency in the U.S. Government.

The post Wall Street Banks Reportedly Gearing Up to Sell $3 Billion in X Loans appeared first on theprimarymarket.com.

According to xAI’s announcement, the Series C funding round saw participation from Blackrock, Fidelity Management & Research Company, Kingdom Holdings, Morgan Stanley, and Sequoia Capital among others. Semiconductor makers Nvidia and Advanced Micro Devices (AMD), which the company refers to as strategic investors, also took part in the funding round.

“The funds from this financing round will be used to further accelerate our advanced infrastructure, ship groundbreaking products that will be used by billions of people, and accelerate the research and development of future technologies enabling the company’s mission to understand the true nature of the universe,” xAI shared in a statement.

The company also provided an update on the latest version of its AI chatbot Grok, which is labeled as its “most powerful model yet.” Grok 3 is currently being trained and will be released as soon as the process is completed. Musk previously promised that Grok 3 will roll out by the end of 2024.

xAI had its Series B funding round in May, during which it also raised $6 billion. Reportedly, only the investors who took part in Series B were allowed to participate in Series C.

The post Elon Musk’s xAI Raises $6 Billion in Latest Funding Round, Now Valued at $45 Billion appeared first on theprimarymarket.com.

Musk increased his wealth by $20 billion thanks to the stock jump of the electric vehicle company Tesla and insider shares sales in space technology company SpaceX. Musk founded both companies and is currently their CEO.

Tesla stock closed at an all-time high of $424.77 per share on Wednesday after six straight days of gain. The EV company’s shares are 70.99% up year-to-date and reached a record for the first time since 2021.

Meanwhile, SpaceX sold $1.25 billion worth of shares during an insider sale. This gives the company a valuation of $350 billion, making it the most valuable startup in the world.

Bloomberg estimates that Musk’s net worth increased by $62.8 billion on Wednesday, making it the largest one-day wealth gain on record. His total net worth increased by $218 billion in 2024 alone and is now believed to be around $447 billion.

Besides Tesla and SpaceX, Musk’s net worth has also been boosted by ownership of the social media platform Twitter and artificial intelligence startup xAI. While Twitter is now valued at $12.32 billion compared to the $44 billion price Musk paid for it in April 2022, xAI has almost doubled in value in recent months and is now estimated to be worth $50 billion.

The post Elon Musk Becomes First Individual to Reach Net Worth of $400 Billion appeared first on theprimarymarket.com.

Besides preparing a tender offer for SpaceX, Musk is also pitching his artificial startup xAI to investors. Reportedly, the startup recently attracted investments of $5 billion and is now valued at $45 billion.

If the report ends up being true, the tender offer would put $250 billion on SpaceX. The company was valued at $180 back in December 2023, being the second most valuable startup in the world.

The report goes against what Musk, who serves as the company’s CEO, said in the past.

Back in May, Bloomberg News reported that SpaceX plans to launch a tender offer at $108 to $110 per share in the summer. At the time, Musk responded that the report was false and that the company “has no need for additional capital and will actually be buying back shares.”

SpaceX was founded in 2002 with the intention to reduce the costs of space launches, offering commercial space flights, and eventually setting up a human colony on Mars. Since then, the company has made a number of successful launches and has collaborated with a number of space agencies, including NASA.

The post Elon Musk’s SpaceX Set to Launch Tender Offer at $135 Per Share appeared first on theprimarymarket.com.

In addition to providing the green light for the Starship 5’s take off, the FAA also approved the mission profile of the Starship 6. Should the Starship 5 have an uncontrolled entry, it “must communicate that decision to the FAA prior to launch, the loss of the Starship vehicle will be considered a planned event, and a mishap investigation will not be required,” the FAA confirmed.

The FAA’s approval is widely welcomed by SpaceX, with founder Elon Musk previously criticizing the FAA for its proposal of a $633,000 fine against SpaceX on the grounds of launch issues.

The post SpaceX Starship 5 Flight Approved appeared first on theprimarymarket.com.

Moraes has requested X to suspend accounts that he deemed as a “threat” to Brazil’s democracy on several occasions in recent years. This resulted in a public back-and-forth between the judge and X’s CEO, Elon Musk, with Musk at one point stating he would reactivate previously suspended accounts. After Moraes opened an investigation revolving around Musk, the company announced it would respect the previous court orders.

Now, with X facing pressure to ban more accounts, the company made a decision to close its office in Brazil. Explaining the decision, X said Moraes made “threats” to arrest its legal representatives in the country if it doesn’t comply with his orders.

“As a result, to protect the safety of our staff, we have made the decision to close our operation in Brazil, effective immediately,” X shared on its official Government Affairs account.

X added that it will continue to make its social platform available for users in Brazil despite closing its office. It is estimated that Brazil is one of X’s biggest markets.

The post X to Cease its Operations in Brazil appeared first on theprimarymarket.com.

In his latest lawsuit attempt, Musk claimed that OpenAI had put “profits and commercial interests ahead of the public good,” according to Reuters. He also states that he has been “courted and deceived” to get involved in the company under the presumption that its mission is to benefit humanity.

As part of the lawsuit, he wants the court to put an end to OpenAI’s partnership with Microsoft concerning the use of AI models. Additionally, Musk believes that OpenAI’s language models should not be included in the licensing deal between the two companies.

OpenAI and Microsoft announced an “extended partnership” back in 2023. As part of the partnership, Microsoft committed to increasing its investments in OpenAI’s research and technology development while also integrating OpenAI’s models across consumer and enterprise products.

Musk previously sued OpenAI and Altman back in February, claiming that Altman “abandoned the company’s founding mission” and shifted its focus on profit. The lawsuit was later pulled back without any explanation in June.

The post Elon Musk Revives Lawsuit Against OpenAI and Its Co-Founder Sam Altman appeared first on theprimarymarket.com.

Courtney McMillian, who was responsible for Twitter’s compensation and benefits, and Ronald Cooper, Twitter’s operations manager, previously made a lawsuit against Musk, alleging that they didn’t receive appropriate severance when they were laid off. The lawsuit claimed that they and other fired Twitter staffers were owed three months of pay under the Employee Retirement Income Security Act (ERISA) while receiving only one month of pay.

Thompson ruled to dismiss the lawsuit, saying that ERISA doesn’t apply in this particular case because there was no “ongoing administrative scheme” after Musk’s takeover, while Twitter notified its staffers they would only receive cash payments in case of being laid off. The judge also added that the fired staffers can amend their complaint without claims related to ERISA.

This isn’t the only lawsuit from disgruntled ex-Twitter staffers who believe that they were shortchanged for severance Musk is dealing with. Two more lawsuits are currently underway, with one asking for $128 million in unpaid severance and the other one asking for $1 million. 

The post Court Rules That Elon Musk Doesn’t Need to Pay $500 Million in Severance to Fired Twitter Staffers appeared first on theprimarymarket.com.