Top stories today:

1. Elon’s fortune tops $600B for first time as SpaceX hits $800B valuation
2. U.S. Tech Force launched by Trump to recruit Big Tech talent
3. Notion said to plan $300M tender at $11B valuation
4. PayPal applies to establish bank as U.S. loosens regulatory reins
5. Chai Discovery, OpenAI-backed startup, raises $130M at $1.3B
6. CoreWeave -46% as AI bubble fears, data center delays erase $33B

0. Data and calendar

Listen to our AI-generated podcast summarizing today’s newsletter (beware of hallucinations):

1. Elon’s fortune tops $600B for first time as SpaceX hits $800B valuation

Elon Musk is now worth almost $638B, per the Bloomberg Billionaires Index:

• Musk’s 42% stake is worth $317B after a liquidity discount applied to private companies.

• It’s the first time an individual has hit $600B+ on Bloomberg’s wealth index.

• The growth comes after SpaceX saw a 2x increase in its valuation in an insider share share.

• Musk’s fortune has further to run if SpaceX succeeds in a 2026 IPO.

Relatedly, Tesla closed at a 2025 high on Mon. after Musk confirmed driverless Robotaxi tests in Austin

• +3.6% in Tesla stock to $475.31 at the close of Mon. trading.

2. U.S. Tech Force launched by Trump to recruit Big Tech talent for government modernization

• The Trump admin will recruit ~1K staffers from Apple, Meta, xAI, and others.

• Recruits will be placed in federal agencies for two-year stints starting in Mar.

• ~20 tech companies have signed on so far, including Palantir, Meta, and Oracle.

• Recruits will be paid $150K-$200K annually.

• The program has no “political mission,” according to its website.

4. Notion said to plan $300M tender at $11B valuation as ARR tops $600M, driven by AI