Elon Musk may have a plan to save X, and it doesn't involve advertising, free speech, or financial services, Axios Pro Rata author Dan Primack writes.

• Why it matters: There are fascinating signs Musk is turning his attention — and business bull case — to AI. There may be a hidden plan behind what looks like random rants.

What's happening: Musk has publicly admitted that he overpaid for what was then known as Twitter, as did his co-investors. It's still unprofitable, with decreased revenue and increased debt.

• Last week, Musk literally told Disney and other boycotting advertisers to "go f--- yourselves." He actually said it several times.

That could be seen as a corporate suicide note, particularly by those charged with reviving the business that Musk acquired.

• But an alt-take is that Musk is already minimizing that business, at least as a revenue and valuation driver, in favor of the OpenAI rival he launched earlier this year.

Behind the scenes: X.ai Corp. yesterday disclosed in an SEC filing that it's raising up to $1 billion in equity funding, with nearly $135 million already banked. No investors were listed.

• It's unclear if X.ai sits under the same corporate umbrella (X Holdings Corp.) as does X Corp. (nee Twitter). An X Corp. spokesman said he "can't share anything" in that regard.
• But it would make sense that they share structural DNA, particularly given that X.ai is expected to leverage the flagship's content and user base.
• For those who helped finance the Twitter takeover, this could mean both direct equity exposure to X.ai plus the right to invest more.

Between the lines: Were X.ai eventually to be valued where OpenAI sits today — at the relative dawn of generative AI adoption — then those "Twitter" shareholders would be deep in the black.

Caveats: To be clear, that's a very optimistic bull case. X.ai is staring up a steep hill, even if it gets to ride ChatGPT's coattails.

• It's also expensive. Musk may have access to some excess cloud computing space via his vast business empire. But he'd still need billions of dollars to compete with all the Azure and AWS credits that OpenAI and Anthropic have received in exchange for equity.

The bottom line: Musk, via email, would only say: "I have never lost money for those who invest in me and I am not starting now."

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Fewer Americans are working primarily from home, Axios Markets co-author Emily Peck writes from new Morning Consult polling data out this morning.

• The share of fully remote workers has been steadily declining as hybrid arrangements become more common.

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Axios China author Bethany Allen-Ebrahimian obtained a rare glimpse inside one of the dozens of service centers the Chinese government operates around the world.

• The centers allow Beijing to help Chinese citizens — but also to keep tabs on them, she reports.

🇨🇳 The big picture: The service center Bethany visited is in Dar es Salaam, Tanzania. It, and others like it, operate under the auspices of a Chinese Communist Party bureau tasked with amplifying political support for the party and marginalizing dissent.

• That has raised concerns about the CCP's authoritarian reach into overseas Chinese communities.

🔎 Members of Tanzania's Chinese communities come to the service center in Dar es Salaam for assistance with domestic disagreements, immigration issues, short-term unemployment and other household emergencies, and trade and legal disputes.

• But the center also shares the same leadership, and even the same office, as the local chapter of the China Council for the Promotion of Peaceful National Reunification — which is affiliated with the Chinese Communist Party (CCP), and has faced scrutiny in the U.S. for alleged complicity in Beijing efforts to repress Chinese people beyond China's borders.

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🔌 Electric vehicles get all the buzz. But many consumers are opting instead for hybrids — tiptoeing away from gasoline, Axios automotive expert Joann Muller reports.

• At $50,000, the average electric vehicle is still too expensive for many buyers. A lack of chargers remains a concern, too.
• Hybrids get great gas mileage and average less than $40,000, making them an attractive happy medium.

🚗 Carmakers are now rethinking their offerings, at least in the short run.

• Ford's hybrid sales rose 75.2% in November, led by hybrid versions of the Maverick and F-150 pickups. The company is now planning to quadruple its hybrid offerings in the next few years.
• Toyota, already the hybrid leader, is doubling down. Its next-generation Camry — the best-selling sedan in the U.S.— will be available only as a hybrid.

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Annual U.S. sales of purely electric vehicles have crossed the 1 million mark for the first time, Axios' Ben Geman writes from BloombergNEF data.

• Go deeper: A BNEF release + a detailed new report on EV markets push back against concerns about a drop in U.S. demand.

Building Back Together — a dark money group tasked by the White House to tout President Biden's agenda — stalled out last year, raising and spending a fraction of the amount it did in 2021, according to tax filings.

📣 What's happening: Biden often complains that voters don't appreciate or understand his legislative accomplishments.

• BBT — a 501(c)(4) — was created in the early weeks of Biden's presidency to promote his policies and defend him from GOP attacks.
• But heading into 2024, his team has been shifting that task to his campaign, outside super PACs and the DNC rather than BBT, Axios' Hans Nichols and Alex Thompson report.

📉 By the numbers: BBT raised $8 million last year, compared to $41 million in 2021, according to its 990 tax forms.

• Last year, it spent a total of $15 million, compared to $33 million in 2021.
• BBT ended 2022 with just $1.1 million in assets.

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1. President Biden told campaign donors at a reception in Weston, Mass., yesterday that he's not sure he'd be running again if Donald Trump weren't:

• "Folks, this is a big deal, this election. We've got to get it done — not because of me, and I mean that. If Trump wasn't running, I'm not sure I'd be running. But we cannot — let — him — win, for the sake of the country."

2. Fox News' Sean Hannity asked former President Trump at a town hall in Davenport, Iowa: "They want to call you a dictator. ... You are promising America tonight you would never abuse power as retribution against anybody?"

• "Except for Day 1," Trump replied. "I want to close the border and I want to drill, drill, drill." [Applause]

Asked if Biden will be the Democratic nominee, Trump said: "I personally don't think he makes it."

• More from the town hall.

A coalition of powerful companies and nonprofits is trying to turn the first Tuesday in December into "Wellbeing at Work Day."

• The idea is for companies to dedicate the day to mental health communication — with managers leading by example, offering the message that it's OK to speak up and seek help.

Why it matters: The initiative is aimed at changing the culture around mental wellness in the workplace, Axios' Jennifer A. Kingson reports.

A nonprofit called the Mental Health Coalition, founded in 2020 by fashion designer Kenneth Cole, held a news conference yesterday to kick off the inaugural "Wellbeing at Work Day."

• Sponsors include Bank of America, Citi, Meta, Pfizer, the NBA, the Estée Lauder Companies and 100+ others.

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