Musk’s Grok goes open source and Reddit updates its IPO filing

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Hello, and welcome back to Equity, the podcast about the business of startups, where we unpack the numbers and nuance behind the headlines.

This is our Monday show, in which we take a look back at the weekend and what’s ahead in the week. Over the weekend, we dropped an interview with Roger Lee that is well worth your time, and here’s our take on Reddit’s IPO financials.

Here’s what we got into today:

• Crypto is taking flight, with bitcoin and Ethereum notching big gains in recent days as the crypto winter fades to a fresh spring.
• Reddit dropped a new IPO filing, which includes a price range target of between $31 and $34 per share. That values the company as high as $6.4 billion.
• Musk intends to open source Grok, the LLM that subscribers of X’s most expensive tier have access to. The move comes after a recent debate regarding AI tech and how open it should be.
• Bobby Kotick wants to buy TikTok?
• Techstars’ $80 million Advancing Cities Fund could be its first and last fund.
• In closing, Griffin Bank’s $24 million Series A extension caught our eye, and we’re reading Ron Miller’s interview with Slack’s new CEO.