Cutthroat capitalism sure does bring out the best in humanity. Take, for example, Elon Musk. He reportedly set a condition for banks, law firms, auditors and advisors who want to work on the SpaceX IPO. They're required to subscribe to the bastion of nonconsensual deepfakes and occasional Hitler praise known as Grok.
Surely the best and brightest banks our nation has to offer would refuse such a pay-to-play demand, right? Well, no. The New York Times reports that some of them have agreed to spend tens of millions of dollars on Grok. Those financial institutions are said to already be integrating the chatbot into their IT systems.
The Times' sources say this wasn't a no-strings request. Rather, Musk insisted they subscribe to Grok as part of the privilege of working on SpaceX's IPO. He also reportedly asked the banks to advertise on X, but was less firm about that. See? He's a flexible, easy-going guy at heart.
Five banks are expected to work on the IPO: Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase and Morgan Stanley. Meanwhile, the law firms Gibson Dunn and Davis Polk are said to be advising. We can probably assume that all of them are currently installing Grok on their internal systems. Good times.
SpaceX's IPO, filed confidentially earlier this week, is expected to raise over $50 billion and value the company at over $1 trillion. With banks set to rake in over $500 million from their work on the deal, perhaps paying for Grok, despite its myriad issues, seemed a small price to pay. See? Just outstanding people doing upstanding things in the good ol' US of A.
This article originally appeared on Engadget at https://www.engadget.com/ai/banks-working-on-the-spacex-ipo-reportedly-have-to-subscribe-to-grok-200213071.html?src=rss