Jack Sidders

That's news when you want it with Bloomberg News Now.

I'm Jack Sidders.

News when you want it with Bloomberg News Now.

I'm Jack Sidders.

Elon Musk is combining SpaceX and XAI in a deal that values the enlarged entity at $1.25 trillion.

In a statement on SpaceX's website signed by Musk, the rocket firm said it acquired XAI to innovate in areas including AI, rockets and space-based internet.

The deal brings together two of the largest closely held companies in the world.

Bloomberg's M&A reporter Ryan Gould says it's possible Musk could also be eyeing a tie-up with Tesla in the future.

Ryan Gould speaking there.

The combined SpaceX firm is still expected to go public later this year as the world's richest man looks to fund his costly bets on artificial intelligence and space exploration.

Precious Metals are recovering some of their losses today after plunging from record highs over the past few days.

Spot Gold has climbed as much as 4.2% after falling by close to 5% yesterday.

Silver rose as much as 8.1%, erasing the previous day's loss before pairing gains.

Bloomberg's Brendan Fagan says the worst of the sell-off appears to be over.

Bloomberg's Brendan Fagan was speaking after investors had been piling into gold and silver over recent weeks, driven by renewed concerns about geopolitical upheaval, currency debasement and threats to the Federal Reserve's independence.

The latest revelations from the Epstein files come as a lawyer for Bill and Hillary Clinton said they will now appear before a congressional committee investigating the disgraced financier.

A full vote in the US House of Representatives had been planned this week to hold the former president and former secretary of state in criminal contempt if they continue to defy subpoenas in the inquiry.

Bill Clinton has previously stated that he parted ways with Epstein many years before his death and that he had no knowledge of his crimes.

The British government is becoming concerned that a protectionist push being discussed by the European Union could exclude UK companies.

London is lobbying the EU against restricting market access and encouraging cooperation.