Musk’s merger suffers from serious grade inflation

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Elon Musk is, among other things, the king of the related party transaction. Almost a decade ago, Tesla bought SolarCity, a clean energy start-up backed by Musk and his brother. Now, the tech billionaire is merging xAI and X, formerly known as Twitter, in an all-stock deal. This values the former’s equity at $80bn and the latter’s at $33bn, for a combined total of…