Bloomberg News Now March 28, 2024: Elon Musk's xAI Buys X, Markets Suffer a Big Drop, More
Mar 29, 2025
Elon Musk's acquisition of the X platform makes waves, revealing the valuation of his AI venture, xAI. Meanwhile, inflation concerns shake up the markets, leading to a significant drop. Health alerts flicker as measles cases increase. Global news takes a turn with an airstrike in Beirut, adding tension to the mix. Plus, catch the latest updates on the NCAA tournament as it unfolds.
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xAI Acquisition
- Elon Musk's xAI acquired the X platform for $33 billion, merging into XAI Holdings.
- The combined value of both companies is estimated at $113 billion.
Stock Market Drop
- U.S. stocks experienced their second worst day of the year due to renewed inflation concerns.
- Leveraged ETFs and single stock volatility contributed to the sell-off, according to Natalia Kanijevich.
Columbia University President Resigns
- Columbia University's interim president, Katrina Armstrong, resigned after accepting demands from the Trump administration.
- Armstrong's resignation involved banning masks at campus protests in exchange for unfreezing federal funding.