By Doyinsola Oladipo and Allison Lampert
NEW YORK/MONTREAL, July 9 (Reuters) - Aviation lawyer Amanda Applegate skipped her annual vacation last month as a surge of wealth from AI startups and **** eX sent a wave of tech investors shopping for private jets, burying her in paperwork for aircraft-purchase agreements.
The Cleveland-based attorney attributed the rush to a handful of major "liquidity events" in the tech industry.
The IPO of Elon Musk's **** eX, whose holdings include artificial-intelligence firm xAI, raised a record $85.7 billion for the company and generated unprecedented employee and founder wealth. Next in line for potential big IPOs are AI companies Anthropic and OpenAI.
Venture capitalists, board directors and early employees of **** eX and other AI companies, along with bankers shepherding anticipated IPOs, are channeling fresh wealth into private aviation, turning it into an early beneficiary of the AI boom. Reuters reported last month that luxury travel companies are increasingly targeting tech entrepreneurs, reflecting expectations that the sector will spawn a new cohort of billionaires.
NEW YORK/MONTREAL, July 9 (Reuters) - Aviation lawyer Amanda Applegate skipped her annual vacation last month as a surge of wealth from AI startups and **** eX sent a wave of tech investors shopping for private jets, burying her in paperwork for aircraft-purchase agreements.
The Cleveland-based attorney attributed the rush to a handful of major "liquidity events" in the tech industry.
The IPO of Elon Musk's **** eX, whose holdings include artificial-intelligence firm xAI, raised a record $85.7 billion for the company and generated unprecedented employee and founder wealth. Next in line for potential big IPOs are AI companies Anthropic and OpenAI.
Venture capitalists, board directors and early employees of **** eX and other AI companies, along with bankers shepherding anticipated IPOs, are channeling fresh wealth into private aviation, turning it into an early beneficiary of the AI boom. Reuters reported last month that luxury travel companies are increasingly targeting tech entrepreneurs, reflecting expectations that the sector will spawn a new cohort of billionaires.
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