Chris Brigati, Chief Investment Officer at SWBC, shares strategies to navigate turbulent markets and avoid panic trading. Jacqui Canney, Chief People & AI Enablement Officer at ServiceNow, emphasizes the need for a workforce trained in AI skills to adapt to rapid changes. Vinny Catalano, Chief Markets Strategist at Stuyvesant Capital Management, provides insights on market cycles and the impact of the Federal Reserve. The discussion highlights Elon Musk's strategic financial maneuvers and the broader implications for investors in the tech landscape.
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Musk’s XAI Acquisition of X
Elon Musk used his AI startup, xAI, to acquire his social media platform X (formerly Twitter) in an all-stock deal.
This merger combines two companies under Musk’s ownership, raising questions about the necessity given their prior close collaboration.
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Impact on Investors
Existing X investors benefit from the acquisition as their struggling social media stock transforms into shares of a promising AI startup, xAI.
Conversely, xAI investors may be less enthused, acquiring a struggling platform despite already accessing its data.
insights INSIGHT
Market Correction Prediction
Chris Brigati believes the current market pullback is in between a welcome correction and a sign of trouble.
He predicts a deeper correction, targeting the S&P 500 around 5200, due to economic uncertainty and unresolved issues.
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In 'Battle for the Bird,' Kurt Wagner chronicles the tumultuous history of Twitter, from its humble beginnings as a 140-character microblogging platform to its emergence as a global force shaping politics, culture, and communication. The book delves into the $44 billion takeover by Elon Musk, the rise and fall of key figures like @RealDonaldTrump, and the relentless challenges faced by the company. Wagner provides a meticulous and riveting account through deeply sourced, exclusive interviews, highlighting the clash of visions between Jack Dorsey and Elon Musk and the impact on the flow of news and information.
Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF. Bloomberg News Technology Reporter Kurt Wagner discusses Elon Musk acquiring the social network formerly known as Twitter for the second time in three years. Musk, the world’s richest person, on March 28 used his artificial intelligence startup, xAI, to purchase his social media platform in an all-stock deal that values X at $33 billion, not including debt. The new joint entity, which will be called XAI Holdings, has a value of more than $100 billion, again excluding debt, Bloomberg News reported. The deal was a surprise, but not necessarily shocking: The two businesses have worked together closely since xAI’s founding in 2023, including on data licensing and product distribution for xAI’s chatbot, Grok. They also share many of the same investors, and in some cases, employees even share office space in Palo Alto, California. The transaction valued xAI at $80 billion, Musk said — a jump from a valuation of about $50 billion in November, the last time the company raised money from investors. The $33 billion equity value of X in the deal is about the same as its valuation in a recently closed funding round, and also close to Musk’s take-private price in 2022, which also counted $12 billion in debt. Chris Brigati, Chief Investment Officer at SWBC, talks about avoiding panic-trading in volatile markets. Jacqui Canney, Chief People & AI Enablement Officer at ServiceNow, explains why today’s leaders need to be building an AI-first workforce. And we Drive to the Close with Vinny Catalano, Chief Markets Strategist at Stuyvesant Capital Management. Hosts: Carol Massar and Tim Stenovec. Producer: Paul Brennan.
Bloomberg Businessweek 