$1.25 Trillion Musk Merger, Police Probe Mandelson, More
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And I'm Caroline Hepker.
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 artificial intelligence, 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.
Elon's view is that we're going to have data centers in space, and part of this is about putting compute and the idea of space exploration and sort of exploration of the universe together. This is clearly part of his vision. There is a very good quote that kind of encapsulates a lot of this, which is what he wrote, I think, late last year, which is that in some ways his companies, his three companies, Tesla, SpaceX, and XAI, are going to come together, they're going to convert, and maybe this is kind of the first leg of the stalwart that we're now seeing.
Brian 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.
The UK's Metropolitan Police says that it's reviewing reports that Peter Mandelson committed misconduct in public office following the latest release of Epstein files. Documents appear to show that the former UK ambassador to the US leaked sensitive government information to the convicted sex offender while serving as a minister in Gordon Brown's Labour government. With more, here's Bloomberg's Chris Pitt.
The file suggests Mandelson emailed Epstein about the European Union's rescue facility for struggling member states, telling him the deal should be announced tonight. The emails are dated May 9th, 2010. The following day, European policymakers announced a 500 billion euro loan plan, which prompted the euro's biggest rally in two years. The documents also show that in 2009, Mandelson forwarded internal Downing Street emails about tax policy proposals to Epstein. Mandelson has not responded to the latest allegations. However, in an interview with The Times carried out last week but published on Monday, he referred to a, quote, handful of misguided historical emails which he deeply regrets sending.
In London, Chris Pitt, Bloomberg Radio.
France's inflation rate has dropped to its lowest level in five years. Consumer prices rose 0.4% in January compared to a year earlier, below the average estimate. It comes as France's Parliament adopted a budget for 2026 after the Prime Minister survived two no-confidence votes. The new legislation has smaller spending cuts and tax increases than earlier proposals, meaning the deficit for the year will be larger than initially planned. But the concessions mean Prime Minister Sébastien Le Cornu has avoided the fate of his two predecessors, who were both forced to resign because of disagreements over austerity measures.
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. Plymouth's Huw Adebayo has the story.
What is the significance of Elon Musk's $1.25 trillion merger?
Made in Europe, an initiative designed to transform the EU's manufacturing sector, but one that could be costing British firms billions of pounds. The Prime Minister and his government are stepping in over fears possible industrial policy changes could damage firms with sites in both Britain and Europe.
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