Friday, June 14, 2024 Banner
HomeSoftwareAIElon Musk's xAI Announces $6 Billion Fundraising for AI Development.

Elon Musk’s xAI Announces $6 Billion Fundraising for AI Development.

A number of financiers will contribute USD 6 billion to fund Elon Musk’s xAI initiative for artificial intelligence research.

The business announced on its website on Sunday that the Series B fundraising round will be utilized to expedite research and bring xAI’s initial products to market.

According to xAI, the technology has advanced “significantly” during the last year and will do so again in the months to come.

Andreessen Horowitz, Sequoia Capital, Fidelity Management & Research, Valor Equity Partners, Vy Capital, Kingdom Holding, and Saudi Prince Alwaleed Bin Talal are among the investors in the most recent round.

Prior to the transaction, Musk stated on the social media platform X that xAI was valued at USD 18 billion.

The money should enable Musk’s business to contend with Microsoft and Open AI, the companies that developed Chat GPT, in the race to develop artificial intelligence.

In July of last year, Musk declared the company’s foundation, and in November, he unveiled Grok, an AI chatbot.

Prior to the investment, Musk stated on the social media platform X that xAI was valued at $18 billion. In the race to build artificial intelligence, Musk’s business should be able to compete with Microsoft and OpenAI, the company behind ChatGPT, thanks to the fresh cash.

Separately, proxy consulting firm Glass Lewis encouraged Tesla shareholders to oppose Musk’s $56 billion compensation package, citing the deal’s “excessive size” and potential detrimental effects on smaller owners in a report released on Saturday.

The advice from the powerful proxy consulting firm coincides with Tesla’s request for a second shareholder vote on its 2018 compensation plan, which was the largest in corporate America and was voidable earlier this year by a Delaware judge.

On June 13, Tesla shareholders will cast their votes on the compensation plan.

Glass Lewis also recommended voting against the pay proposal, citing Musk’s “slate of extraordinarily time-consuming projects unrelated to Tesla.”. Apart from his position as the CEO of Tesla, Elon Musk is also associated with xAi, SpaceX, the Boring Company, Neuralink, and X, which was formerly known as Twitter.

In July of last year, Musk made the formation of xAI public. Grok, the company’s AI chatbot, was made available in November.


Most Popular

Recent Comments