• 13/07/2024 00:11

Elon Musk's AI startup receives $500 million investment – Bloomberg

Elon Musk's artificial intelligence (AI) development company xAI has attracted investments of $500 million, Bloomberg reports, citing people familiar with the negotiations. However, Musk denies this report.

Elon Musk's AI development startup received $500 million investment — Bloomberg

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The publication noted that xAI is discussing a valuation of $15-20 billion, although conditions may change in the coming weeks. p>

In November, Musk said that investors in X (formerly Twitter) would own 25% of xAI.

In practice, this is estimated to mean that these investors are being asked to invest in xAI for less at least 25% of their investment in X. Musk and investors are expected to finalize terms within the next few weeks.

In addition, some parties expect to receive additional computing power, and some cases and instead of xAI shares.

This would be beneficial to portfolio companies of venture capital firms that need to intensively process data to create new artificial intelligence products.

Elon Musk refutes Bloomberg information

Elon Musk commented on the publication’s message and stated that it was fake.

“This is fake news from Bloomberg,” he wrote in X.

Elon Musk's AI startup receives $500 million investment — Bloomberg

minfin.com.ua

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