> The timing of Hoffman’s remarks is pointed. SpaceX went public on June 12th, with AI central to its IPO narrative. Within days, the company announced it was acquiring Cursor, the AI coding tool. Hoffman’s read: that’s not proof of AI capability, but evidence of its absence. “You could almost think of it as the IAC of AI,” he said, invoking the serial acquisitions roll-up strategy of Barry Diller’s internet-era conglomerate. “Use the market cap to buy AI companies and try to buy your way into relevance.”

Sounds like securities fraud to me.