Elon Musk disputed reports of xAI’s $500 million funding

Funding Alert

Elon Musk refuted claims that his Artificial Intelligence ( AI ) company, xAI, has secured $500 million in commitments from investors toward its $1 billion goal. Responding to a user post about the Bloomberg article on social media platform X, Musk said: «That’s just not accurate.»

According to Bloomberg, xAI, an artificial intelligence startup, is discussing a valuation in the $15 billion to $20 billion range. However, the terms of this award could change in the coming weeks, according to sources familiar with the matter. At the time of reporting, xAI had not commented on the situation.

Musk and the participating investors are expected to finalize the terms of the deal within the next few weeks. In addition, some parties are exploring the possibility of acquiring computing power in addition to or instead of xAI shares, as detailed by Bloomberg.

The development follows Musk’s statement last December, where he clarified that his AI company was not seeking funding. The clarification followed xAI’s filing with the U.S. securities regulator to raise up to $1 billion in an equity offering. Musk launched xAI last July in response to what he perceived as excessive censorship and inadequate security measures in Big Tech AI efforts.

Follow Startup Story

Recommended Article
Sustainable agriculture company Grow Indigo raises $8 million in funding

What do you think?

Deja una respuesta

Tu dirección de correo electrónico no será publicada. Los campos obligatorios están marcados con *

GIPHY App Key not set. Please check settings

Sir Martin Sorrell: We don’t expect the economy to improve in 2024

Inside the secret life of Jessica Marais in Perth, two years after the Logie-winning actress stepped out of the spotlight to protect her mental health