Elon Musk’s 10-month-old baby, xAI, is on the brink of securing a massive $6 billion funding round, with the social network X, formerly known as Twitter, already on board as a shareholder. Initially aiming for a $3 billion raise, the demand surged, leading to the increased price tag. Investors include Musk’s close associates from Sequoia Capital, Future Ventures, and other key players in the tech industry. The competitive nature of the funding round has drawn comparisons to the movie “Mean Girls,” with exclusivity playing a significant role.
Meanwhile, TikTok, despite facing potential bans in the U.S., is engaging in a covert operation to bypass Apple’s 30% commission on in-app purchases. By directing users to purchase digital tipping coins directly from their website, TikTok is attempting to evade Apple’s fees. This strategy, visible only to select users, could potentially lead to a showdown with Apple similar to the one experienced by Fortnite.
In the world of startups, Tom Blomfield, ex-Monzo Bank founder and current Y Combinator partner, shared insights on venture capitalist decision-making. According to Blomfield, investors are seeking unicorns capable of delivering 1,000x returns, emphasizing the importance of the founder’s capabilities in multiplying their investments.
Additionally, Rubrik, a cybersecurity company, made a successful debut on Wall Street, with shares surging 16% on their public offering. The company’s valuation skyrocketed from $3.5 billion in 2019 to $6.6 billion, driven by their subscription revenue model. The acquisition of Truffle Shuffle by ButcherBox, a meat-focused startup, aimed to enhance customer experience and diversify their offerings.