Musk faces calls for investigation by Democratic senators
According to Reuters, two Democratic senators called on law enforcement agencies to investigate Musk, the founder of Tesla and SpaceX, because of his multiple calls with Russian officials. This call is particularly sensitive as Trump prepares to return to the White House. The senators asked the Pentagon and the Justice Department to investigate Musk's involvement in SpaceX-related programs on the grounds of national security and consider prohibition and exclusion measures.
Musk, CEO of aerospace company SpaceX, oversees billions of dollars in contracts for the Pentagon and the intelligence community. Senators said Musk's communications with Russian officials could put U.S. security at risk. However, the call for an investigation is likely to be difficult to implement given Musk's spending on Trump's second presidential campaign and his appointment as co-director of Trump's upcoming government efficiency department.
SpaceX's valuation has surged to $255 billion
Meanwhile, Musk's SpaceX is discussing plans to sell internal stock, which could raise the company's valuation to around $255 billion. Since SpaceX last sold internal stock in June this year, its valuation has increased by over 20%.
In the secondary market, employees and some early shareholders can sell SpaceX shares, providing investors with a new way to profit. Since the U.S. elections, Tesla's stock price has also risen by 26%, increasing its market value by $200 billion. This surge also reflects the market's confidence in Musk's business empire.
SpaceX's second-in-command, President and COO Gwynne Shotwell, stated at the annual investor and client conference held by Baron Capital that rocket launch approvals need to keep pace with the company's innovations. She called for accelerating the approval process for commercial space operations to keep up with SpaceX's development speed.
Additionally, Shotwell revealed progress on SpaceX's 'Starlink' business. Currently, the 'Starlink' business launches about 60 satellites per week on average, with around 7,000 satellites in orbit, and plans to start offering 'direct phone connection' services in about a month. The Starlink satellite internet network currently serves nearly 5 million customers, but there is still huge potential in the satellite broadband market.
xAI's valuation has also significantly increased
Besides SpaceX, Musk's artificial intelligence startup xAI has also seen a significant increase in valuation. According to CNBC, xAI is raising up to $6 billion at a valuation of $50 billion. This funding round is expected to be completed early next week, with most of the funds coming from Middle Eastern sovereign wealth funds.
Musk announced the establishment of xAI in July 2023, aiming to compete with companies including ChatGPT creator OpenAI. xAI released a chatbot named Grok, which is designed based on 'The Hitchhiker's Guide to the Galaxy'. The funds raised will be used to purchase NVIDIA chips to improve Tesla's full self-driving capabilities.
With Trump's election as president, Musk, as part of Trump's inner circle, began actively collaborating with the new government to broadly study artificial intelligence and technology issues. Trump plans to repeal President Biden's executive orders on artificial intelligence and support AI development based on free speech and human prosperity.
In summary, Musk is currently facing calls for investigation from Democratic senators, but his companies SpaceX and xAI are experiencing significant valuation increases. With Trump returning to the White House, Musk's influence in technology and policy fields will further expand.
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