Musk Rejects Tesla-xAI Merger; Synopsys Gains Approval for Major Deal

Elon Musk has publicly stated that he does not support a merger between Tesla and xAI. In a response on social media platform X, Musk answered a query from a Tesla investor at approximately 03:00, simply stating, “No.” This clarification comes after he hinted at seeking shareholder approval for a potential investment in xAI, which he previously estimated could be around $5 billion. Any such investment would require the endorsement of Tesla’s board and major shareholders.

Earlier this year, xAI merged with X, previously known as Twitter, creating a united entity that combined a social media platform with an artificial intelligence research lab. This merger significantly increased xAI’s valuation to $113 billion, bolstering the reach of its Grok chatbot.

In related news, Synopsys has received conditional regulatory approval from China for its proposed $35 billion acquisition of Ansys. The State Administration for Market Regulation in China confirmed the approval, which alleviates a significant barrier to the deal aimed at enhancing Synopsys’s position in the chip-design software market. The transaction, which was agreed upon in January 2024, includes cash and stock for Ansys shareholders, who will receive $197 in cash and 0.3450 shares of Synopsys common stock.

Meanwhile, the box office saw a significant boost this weekend with Warner Bros.’ latest release, Superman, achieving a remarkable domestic debut of $122 million across 4,135 theaters. The film also garnered an additional $95 million internationally, bringing its total opening to $217 million. Following Superman, Universal’s Jurassic World Rebirth added $40 million to its domestic total, now standing at $232.1 million, while the film’s global earnings have exceeded $529 million.

Warner Bros.’ collaboration with Apple Original Films on F1 The Movie held third place, contributing $13 million to its domestic total of $136.2 million. Other films rounding out the top five include How to Train Your Dragon and Elio.

In the cryptocurrency market, Bitcoin has surged past $120,000 for the first time, reflecting a broader uptick in cryptocurrency stocks. This rise has prompted significant movements in related stocks, with HIVE Digital seeing a premarket increase of 6%. Bitcoin’s recent performance has extended its record-breaking rally, marking a notable moment in the digital currency landscape.

As financial markets respond, futures for the Dow, S&P, and Nasdaq are currently in negative territory. Crude oil prices have risen by 0.8% to $69 per barrel, while Bitcoin continues to show strength, currently priced at $121,000. Gold has also seen a slight increase of 0.3%, reaching $3,366.

These developments reflect a dynamic landscape in technology, entertainment, and cryptocurrency, with significant implications for investors and market watchers alike.