Sprawling conglomerates fell out of fashion long ago in America. Elon Musk is giving them new life. On February 2nd the world’s richest man announced that SpaceX, which builds rockets and sells satellite broadband, would merge with xAI, a maker of chatbots. (He owns a controlling stake in both.) SpaceX investors will get 80% of the new company, valued at $1.25trn, with the remainder going to xAI’s owners. What is Mr Musk up to?
