ELON MUSK DENIES xAI INVESTMENT FIGURES 

Elon Musk has refuted a Bloomberg report regarding the financial backers of xAI, a venture associated with him. The primary product of xAI is Grok, an AI chatbot known for its snarkiness.

Musk founded xAI as a response to OpenAI, an organization he also co-founded but later left due to disagreements with others. In December, Musk filed an SEC Form D for xAI, indicating the sale of up to $1 billion worth of equity, with over $134 million already committed.

Bloomberg’s report claimed that xAI had secured $500 million in funding, with investors in Musk’s other venture, X, also invited to invest in xAI with a 25% stake. The targeted valuation for xAI was said to be between $15 billion and $20 billion.

Investors who assisted Musk in taking over Twitter, including Sequoia Capital, Andreessen Horowitz, and Fidelity Management, were reportedly in talks with Musk and considering investing in xAI. Some of these investors even expressed interest in purchasing computing power from xAI alongside or instead of shares.

However, Musk disputed Bloomberg’s report without specifying which aspects were inaccurate. It remains to be seen how the situation will unfold once the asset sale is completed. Bloomberg has updated its story to reflect Musk’s comments.

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