Reports emerged on Monday that the value of X had fallen to $19bn (£15.6bn) according to the company’s internal documents. Musk bought the site – then called Twitter – for $44bn (£36.2bn) last year.
US vice president Kamala Harris will also attend the summit.
While in the UK, she will discuss the Israel-Hamas conflict with Rishi Sunak during a whirlwind visit.
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The pair will also “consult on next steps in our support for Ukraine,” according to a White House official.
Downing Street has denied Mr Sunak is feeling snubbed by international counterparts, with Canadian Prime Minister Justin Trudeau, French President Emmanuel Macron and German Chancellor Olaf Scholz all believed to be unlikely to show.
An updated guest list could not be provided by the UK government on Monday, although a spokesperson claimed they “remain confident that we have brought together the right group of world experts in the AI space, leading businesses, and indeed world leaders and representatives who will be able to take on this vital issue”.
This came amid reports the invite to China has been upgraded to include asking President Xi Jinping to attend.
Downing Street insist it is a “significant achievement” to host the first AI safety summit of its kind.
After arriving in the UK on Tuesday, Ms Harris and her husband will travel to Winfield House in London.
She will give a “major policy speech” on the US’s vision for AI on Wednesday at the US embassy, before heading to Downing Street to meet with Mr Sunak.
Ms Harris will travel to Milton Keynes on Thursday to attend the AI summit, which will take place at Bletchley Park – where British codebreakers worked in secret, using early computer technology, during the Second World War.
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The vice president will then leave the UK later that day to return to the US.
Mr Biden signed an executive order earlier today aiming to guide the development of AI, requiring firms working on potentially dangerous models to share safety data with the government before their release, among other measures.
The UK has joined US forces in attacking a Houthi target in Yemen for the first time since Donald Trump was re-elected.
The Ministry of Defence (MoD) confirmed the strikes took place on Tuesday as part of the government’s response to Houthi attacks on international shipping in the Red Sea and Gulf of Aden.
The ministry said careful intelligence analysis identified a cluster of buildings used by the Houthis to manufacture the sort of drones used to attack ships, located 15 miles south of the capital Sanaa.
RAF Typhoon FGR4s conducted strikes on several buildings using Paveway IV precision-guided bombs.
The planes had air refuelling support from Voyager tankers.
The ministry said the strike was conducted after dark to reduce the likelihood of civilians being in the area.
All the aircraft returned safely.
Image: John Healey. Pic: Reuters
Defence Secretary John Healey said: “This government will always act in the interests of our national and economic security.
“Royal Air Force Typhoons have successfully conducted strikes against a Houthi military target in Yemen and all UK aircraft and personnel have returned safely to base.
“We conducted these strikes, supported by the US, to degrade Houthi capabilities and prevent further attacks against UK and international shipping.”
Houthis a ‘persistent threat’ to ‘freedom of navigation’
Mr Healey said Houthi activities in the Red Sea are a “persistent threat” to “freedom of navigation”.
“A 55% drop in shipping through the Red Sea has already cost billions, fuelling regional instability and risking economic security for families in the UK,” he said.
“The government is steadfast in our commitment to reinforcing global stability and protecting British working people. I am proud of the dedication and professionalism shown by the service men and women involved in this operation.”
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The group began launching attacks on shipping routes in November 2023 saying they were in solidarity with Palestinians over Israel’s war with Hamas in Gaza.
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Will MPs get a vote on a trade deal with Donald Trump?
It used to be Labour policy, though Sir Keir Starmer didn’t sound keen on the idea at Prime Minister’s Questions.
The PM was challenged, first by Lib Dem MP Clive Jones, who wants a guarantee that parliament has the final say on any trade deal, including one with the US.
“This idea is not new,” said Clive, who used to be a director of various toy companies, and was president, chairman and director of the British Toy and Hobby Association, no less.
“It’s exactly what Labour promised to do in an official policy paper put forward in 2021, so I am asking this government to keep their promise,” he continued.
And, toying with the PM, he complained: “Currently, members of parliament have no vote or voice on trade deals.”
In reply, Sir Keir gave one of those non-answers we’re becoming used to at PMQs, saying rather tetchily: “As he knows, parliament has a well-established role in scrutinising and ratifying trade deals.”
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Later, Sir Ed Davey had a go. “Will the government give MPs a vote on the floor of the House on any deal he agrees with President Trump? Yes or no?” he asked.
He fared no better. Sir Keir said again: “If it is secured, it will go through the known procedures for this House.”
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1:25
Chancellor’s trade deal red lines explained
So what are parliament’s “well-established role” and “the known procedures”? And what exactly did Labour promise in opposition back in 2021?
The 2021 promise was, in fact, one of those worthy pledges parties make in opposition and then either conveniently forget about or water down when they’re in government. U-turn if you want to.
The policy paper referred to by Mr Jones was: “Labour’s trade policy: putting workers first” – published in September 2021 by Emily Thornberry when she was shadow international trade secretary.
The secretary of state at the time was none other than Liz Truss. Whatever happened to her? Come to think of it, whatever happened to Emily Thornberry?
Back then idealistic Emily declared in her policy paper: “We will reform the parliamentary scrutiny of trade agreements…
“So that MPs have a guaranteed right to debate the proposed negotiating objectives for future trade deals, and a guaranteed vote on the resulting agreements…”
A guaranteed vote. Couldn’t be clearer. And there was more from Emily.
“…with sufficient time set aside for detailed scrutiny both of the draft treaty texts and of accompanying expert analysis on the full range of implications, including for workers’ rights.”
Sufficient time for detailed scrutiny. Again, couldn’t be clearer.
Image: Starmer was pushed on the deal at PMQs. Pic: PA
Then came a section headed: Parliamentary Scrutiny of Trade Deals.
“The Constitutional Reform and Governance Act 2010 (CRAG) dictates that international treaties (including trade agreements) must be laid before parliament for a period of 21 sitting days before they can become law,” we were told back then.
“At present, a treaty can only be challenged and (temporarily) rejected by means of an opposition day debate, if one is granted by the government within that time.
“The CRAG legislation was agreed by parliament before Brexit was on the horizon. Its procedures for the ratification of trade treaties, which were then negotiated and agreed at EU level, were given no consideration during the passage of the Act, and no one envisaged that they would become the mechanism for parliamentary scrutiny of the government’s post-Brexit trade deals…
“Despite the flagrant evidence of the inadequacy of the CRAG Act to allow proper oversight of trade deals, the government repeatedly blocked numerous cross-party proposals to improve the processes for parliamentary scrutiny and approval during passage of the 2021 Trade Act.
“A future Labour government will return to those proposals, and learn from best practice in other legislatures, to ensure that elected MPs have all the time, information and opportunity they need to debate and vote on the UK’s trade deals, both before negotiations begin and after they conclude.”
So what’s changed from the heady days of Liz Truss as trade secretary and Labour’s bold pledges in opposition? Labour’s in government now, that’s what. Hence the U-turn, it seems.
Parliament’s role may be, as Sir Keir told MPs, “well-established”. But that, according to opponents, is the problem. It’s contrary to what Labour promised in opposition.
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Sir Ed hit back at the PM: “I’m very disappointed in that reply. There was no ‘yes’ or ‘no’ response. We do want a vote, and we will keep pressing him and his government on that.”
And true to their word, Mr Jones and another Lib Dem MP, Richard Foord, have already tabled private member’s bills demanding a final say on any trade deal with President Trump.
Watch this space. And also watch out for Labour MPs also backing demands for a Commons vote on a Trump trade deal before long.
Trade talks between the UK and the United States are “moving in a very positive way”, according to the White House.
President Donald Trump’s press secretary Karoline Leavitt spoke about the likelihood of the long-discussed agreement during a press briefing.
In Westminster, there are hopes such a deal could soften the impact of the Trump tariffs announced last month.
Leavitt told reporters: “As for the trade talks, I understand they are moving in a very positive way with the UK.
“I don’t want to get ahead of the president or our trade team in how those negotiations are going, but I have heard they have been very positive and productive with the UK.”
She said Mr Trump always “speaks incredibly highly” of the UK.
“He has a good relationship with your prime minister, though they disagree on domestic policy issues,” she added.
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“I have witnessed the camaraderie between them first hand in the Oval Office, and there is a deep mutual respect between our two countries that certainly the president upholds.”
Image: White House Press Secretary Karoline Leavitt said she was positive about a deal. Pic: AP
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He was careful to not get ahead of developments, however, saying: “I think an agreement is possible – I don’t think it’s certain, and I don’t want to say it’s certain, but I think it’s possible.”
He went on to say the government wanted an “agreement in the UK’s interests” and not a “hasty deal”, amid fears from critics that Number 10 could acquiesce a deal that lowers food standards, for example, or changes certain taxes in a bid to persuade Donald Trump to lower some of the tariffs that have been placed on British goods.
Mr McFadden’s tone was more cautious than Chancellor Rachel Reeves’ last week.
She had been in the US and, speaking to Sky News business and economics correspondent Gurpreet Narwan, the chancellor said she was “confident” a deal could be done.
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6:28
‘We’re confident’, says Reeves
But she sought to play down fears that UK standards could be watered down, both on food and online safety.
“On food standards, we’ve always been really clear that we’re not going to be watering down standards in the UK and similarly, we’ve just passed the Online Safety Act and the safety, particularly of our children, is non-negotiable for the British government,” Ms Reeves said.