Lights, Camera...Misallocation

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Good morning 🌥️ Elon Musk announced that his AI startup xAI has acquired his social media platform X (formerly Twitter) in an all-stock deal. This is the equivalent of you incorporating a new company, because winding down an old company—it turns out—is a hassle, and wrapping the old activities of your previous company into the new one. Give or take a few billion dollars, of course.

—Gloria Mbabazi, Shem Opolot

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