SPACEX ACQUIRES XAI WHICH ACQUIRED TWITTER. On how Musk rolls his companies together. There is no individual trade. There is a "Musk trade" like there was a "Warren Buffett" trade. Matt Levine has often discussed this in his podcast and newsletter. from July 2025: "But of course if you own Tesla stock it’s not because of cars. It’s because of Elon Musk, the chief executive officer/TechnoKing of Tesla and the principal owner/whatever-he-is of xAI, and of SpaceX and Neuralink and Boring Co. and some others I’m forgetting. It’s because you think that Musk is a really good allocator of capital to futuristic endeavors, and Tesla is his only public company, which just happens to be a car company. If Tesla was “an index fund for Musk’s futuristic endeavors,” you’d probably be fine with that, probably happier with that than “slow-growing car company.” And, again, nobody experiences Tesla as “slow-growing car company”: Tesla is that plus somewhat hypothetical futuristic endeavors like robotaxis and humanoid robots. Truly, the more hypothetical futurism the better. If Tesla could chuck that $37 billion into xAI’s gaping maw, everyone would be better off: xAI would have money to pursue world domination, and Tesla would have more entertaining things to do with its money than making cars." It's good tradecraftship to keep the investors of your failed ventures happy by giving them bits of successful investments.