Elon Musk's xAI raises $10 billion in secured debt and equity, reigniting feud with Trump.
From Cointelegraph
July 1, 2025 6:54 am:
Elon Musk’s xAI raises $10 billion in secured debt and equity, doubling down on AI competition with OpenAI. Funds will boost Colossus supercomputer and Grok chatbot. OpenAI raised $40 billion this year, pushing valuation to $300 billion. Musk sold X to xAI for $80 billion. Trump criticizes Musk’s subsidies reliance.
Musk and Trump reignite feud over government subsidies. Trump suggests DOGE investigate Musk’s businesses. Musk responds on X, calling for all funding to be cut. Their clash rattles markets. Musk escalates political commentary, criticizing recent spending bill. Lummis introduces amendment for fair crypto tax treatment in Trump’s bill.
Senator Lummis proposes amendment for fair tax treatment for crypto users in Trump’s bill. It would waive taxes on digital asset transactions under $300, with a $5,000 annual cap. Taxes on crypto earned through mining, staking, or airdrops would be delayed. The Senate rejects amendment banning government officials from owning or promoting cryptocurrencies after leaving office.
Read more at Cointelegraph: Musk’s xAI Secures $10B as Trump Feud Reignites