Elon Musk AI Venture Inch Closer to Raising $6B

Elon Musk’s Artificial Intelligence (AI) venture, xAI, is on the brink of securing a substantial $6 billion from investors. According to a Bloomberg report, this funding, which will bring xAI valuation to $18 billion, is expected to accelerate the company’s pioneering efforts in artificial intelligence and machine learning technologies.

xAi Capital to Bolster Musk’s Ambitions

The infusion of capital into xAI is anticipated to bolster Musk’s ambitions in the AI domain.

Interestingly, Silicon Valley venture capital firm Sequoia Capital has shown commitment to investing in the startup. Similarly, Elon Musk has reached out to other investors, especially the ones who previously invested in the acquisition of Twitter (now called X) in 2022.

The news of xAI’s fundraising comes amidst heightened scrutiny of AI technologies globally, particularly concerning ethical concerns and potential risks. However, the injection of $6 billion into xAI could catalyze advancements in AI research and application, potentially leading to breakthroughs in areas such as autonomous vehicles, natural language processing, and robotics. 

The company’s focus on safety aligns with Musk’s broader vision of leveraging AI for the betterment of humanity.

Elon Musk Refutes Potential Launch of Crypto

In November 2023, the renowned investor who owns the X company amongst many other businesses clarified that none of his businesses will ever launch a crypto token. The statement was made to establish his position about the XAI token which has recently been making rounds.

Aside from the rebranded Twitter company he acquired in 2022 in a $44 billion bid, Musk also manages SpaceX, Tesla, Neuralink, and The Boring Company. More recently, is the introduction of the xAI company, which according to the innovative tech billionaire is an institution that will focus on conducting research in the AI field.

Notably, the clarification made by Musk does not nullify the lofty plans the billionaire has for his companies. Musk’s mission is to turn the X app into a central financial hub.