Kurt Wagner and Katie Roof, Bloomberg:

Elon Musk said his xAI artificial intelligence startup has acquired the X platform, which he also controls, at a valuation of $33 billion, marking a surprise twist for the social network formerly known as Twitter.

This feels like it has to be part of some kind of financial crime, right? Like, I am sure it is not; I am sure this is just a normal thing businesses do that only feels criminal, like how they move money around the world to avoid taxes.

Wagner and Roof:

The deal gives the new combined entity, called XAI Holdings, a value of more than $100 billion, not including the debt, according to a person familiar with the arrangement, who asked not to be identified because the terms weren’t public. Morgan Stanley was the sole banker on the deal, representing both sides, other people said.

For perspective, that is around about the current value of Lockheed Martin, Rio Tinto — one of the world’s largest mining businesses — and Starbucks. All of those companies make real products with real demand — unfortunately so, in the case of the first. xAI has exactly one external customer today. And it is not like unpleasant social media seems to be a booming business.

Kate Conger and Lauren Hirsch, New York Times:

This month, X continued to struggle to hit its revenue targets, according to an internal email seen by The New York Times. As of March 3, X had served $91 million of ads this year, the message said, well below its first-quarter target of $153 million.

This is including the spending of several large advertisers. For comparison, in the same quarter in the pre-Musk era, Twitter generated over a billion dollars in advertising revenue.

I am begging for Matt Levine to explain this to me.

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Enron is not really back. Someone managed to grab the Enron.com URL and put up an inspirational faux corporate video and a Shopify merch store. It is all very funny.

What is more amusing to me is stumbling across a preserved-in-amber Enron website. There is an earnings press release from July 2001, mere months before the whole thing went to hell in public. There are descriptions of the company’s vast products.

But this, too, is unofficial. It was created by Facundo Pignanelli to preserve this noteworthy chapter in corporate fraud. There is even an Instagram account. This is all very strange.

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I am not much of a true crime podcast listener, but the first three episodes of “Kill List” — Overcast link — have transfixed me.

Jamie Bartlett:

Besa Mafia was a dark net site offering hitmen for hire. It worked something like this: a user could connect to the site using the Tor browser and request a hit. They’d send over some bitcoin (prices started from $5,000 USD for ‘death by shotgun’). Then they’d upload the name, address, photographs, of who they wanted killed. Plus any extra requests: make it look like a bungled robbery; need it done next week, etc. The website owner, a mysterious Romanian called ‘Yura’ would then connect them with a specialist hitman to carry out the commission.

[…]

In the end, Carl investigated one hundred and seventy five kill requests. Each one a wannabe murderer. Each one a potential victim — who Carl often phones and break the crazy news. “The hardest calls I’ve ever made” Carl tells me. “How do you explain that someone wants you dead?!” (Carl would be indirect, gentle. He tried to make sure the victim felt in control. But often they hung up. “They didn’t believe me. They thought I was a scammer”).

I am not sure I agree with Bartlett’s conclusion — “more and more complex crimes will be solved by podcast journalists” is only true to the extent any crime is “solved” by any journalist — but it does appear this particular podcast has had quite the impact already. What a fascinating and dark story this is.

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