Musk denied report of $500 million investment in xAI

“This is simply not correct,” he said in a response to a user post about the Bloomberg article on the social media platform X.

The artificial intelligence startup is discussing a valuation of $15 billion to $20 billion, although terms could change in the coming weeks, the Bloomberg report said on Friday (local time), citing people familiar with the matter. Musk and investors are expected to complete discussions in the next few weeks. Some parties are exploring whether they can get computing power in addition to, or in some cases instead of, xAI shares, Bloomberg reported.

In December last year, Musk said his artificial intelligence company would not seek funding, a day after the start-up filed with the US Securities and Exchange Commission for a capital increase of up to $1 billion. Tesla and SpaceX boss Musk founded xAI in July last year in response to Big Tech’s AI efforts, which he criticized for excessive censorship and inadequate security measures.


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