Alphabet Inc.‘s GOOGL GOOG Google division will heavily discount cloud computing services for the U.S. government as the Trump administration pressures technology giants to slash prices on lucrative federal contracts worth more than $20 billion annually.

Altman said he was "looking forward" to meeting Zuckerberg at the conference. Zuckerberg and Meta have been poaching OpenAI's researchers.

Tesla remains Musk’s best-known business, but its fortunes are less directly tied to the government than SpaceX, his rocket-building company.

Elon Musk lost $12 billion in a single day following a clash with US President Donald Trump. According to Forbes, Tesla shares fell more than 5% on Tuesday - July 1 as Trump suggested that government subsidies to Musk’s companies,

"There's really unlimited growth, so the next 10 to 20 years is going to be amazing," said Joshua Wallack with the International Drive Business Improvement District.

When Tesla chief executive Elon Musk asked his followers on the social platform X last week whether it was time to create a new political party, 80 percent answered “yes.” Wall Street seems to disagree.

Bloomberg journalists discuss today's biggest winners and losers in the stock market. Listen for analysis on the companies making news on Wall Street.

Musk's X will use AI to write community notes and increase the scope of fact-checking under human supervision.

Elon Musk's xAI has raised a total of $10 billion in debt and equity, partly to fund the development of more data center capacity. Revealed in a post to X by Morgan Stanley, the funding is comprised of $5bn in secured notes and term loans, along with $5bn in "strategy equity investment."