Elon Musk has confirmed on social media that xAI, which he owns, has procured X through a full-stock agreement. This merger places xAI at an estimated value of $80 billion, while X stands at $33 billion. As part of the announcement, Musk mentioned, ‘We are officially integrating our data, models, compute capacity, distribution mechanism and human capital.’
The acquisition of X by xAI has raised eyebrows, with over twenty sources—investors, and current and former employees alike—rising concerns. It has been revealed that the 11x firm, supported by a16z and Benchmark, is facing financial obstacles, largely due to its own decisions. According to insider information, there was exaggeration in vital metrics such as growth and churn within the company.
Block, the parent company of Cash App and Square, helmed by CEO Jack Dorsey, has recently caused waves with internal restatements, resulting in 931 employees, or 8% of the workforce, losing their jobs. Despite the grim news, Dorsey asserts that the move is not based on financial constraints or intentions to replace staff with artificial intelligence.
Further news from the business world includes an unexpected pardon by President Trump. Trevor Milton, the founder of the now insolvent hydrogen trucking start-up Nikola, who was previously found guilty of fraud, received the pardon. This announcement comes on the heels of Nikola’s Chapter 11 bankruptcy filing just a few weeks ago.
A startling development from China was brought to light through a leaked database. The nation appears to have developed a robust AI system designed to enhance its existing censorship capabilities, going beyond conventional prohibitions such as discussions around the Tiananmen Square incident.
Rivian, a major player in the electric vehicle industry, has spun off a secret project into a separate entity named Also, backed by $105 million from Eclipse Ventures. Unlike many corporate spinoffs, Also will exist independently from Rivian, as a unique start-up.
Apple has made a major announcement about the Worldwide Developers Conference 2025, revealing it will kick off on June 9. Reports suggest that Apple is gearing up for unprecedented software revamps across its product range—iPhone, iPad, and Mac. There’s speculation that we might see the most significant updates to iOS since iOS 7, with the unveiling of iOS 19.
23andMe, the DNA testing company, has also been making headlines. Just this week, the company filed for bankruptcy. Additionally, the co-founder and CEO, Anne Wojcicki, publicly announced that she plans to step down from her role in order to independently bid for the company. This alarming news also raises questions on data security.
As a follow up to the 23andMe debacle, we’ve curated some reliable ways to delete your data, ensuring it’s safe from prying eyes or misuse. It’s indeed a wake-up call for everyone to prioritize data security in today’s digital world. More to come on this issue in subsequent articles.
A surprising change of career was announced by Kat Abughazaleh. The 26-year-old, who was among the victims of layoffs following Elon Musk’s suit against Media Matters, declared her intentions to run for a Congressional seat. She expressed a commitment to transparency in her political journey, aiming to demystify the process of running for office.
In Pentagon-related news, SpaceX, known as a defense contractor, allegedly allowed Chinese shareholders to purchase equity, provided the funding is channeled through offshore hubs such as the Cayman Islands. This move might raise a few eyebrows considering the sensitive nature of SpaceX’s contracts.
At Nintendo Direct, exciting news was shared about the company’s plans to develop Virtual Game Cards, enabling players to carry their downloaded games for use on alternative devices. If implemented, this innovation has the potential to revolutionize the gaming experience by offering heightened flexibility to gamers.
Finally, an image generator launch stirred up the art world this week. Scores of images reminiscent of Studio Ghibli’s style started popping up on the Internet. However, this stirred up copyright debates. While emulating an art style isn’t necessarily unlawful, using Studio Ghibli’s artwork to train AI models enters a legal gray zone. Particularly, this event has reignited discussions about the implications of AI on copyright infringement.