Tech billionaire Elon Musk refuted recent reports alleging that his artificial intelligence (AI) company ‘xAI’ had secured a substantial $500 million in funding towards its $1 billion goal. Bloomberg, citing insider sources, claimed that xAI was engaged in discussions with investors for an additional $500 million funding.
Musk dismissed the report as fake news in response to a user sharing the article, stating it was inaccurate. According to a filing with the US Securities and Exchange Commission (SEC), Musk has so far raised $134.7 million for xAI. The funds were obtained from four undisclosed investors, with the first sale occurring on November 29. The filing also outlined that xAI will only accept a minimum of $2 million from external investors.
The report from Bloomberg mentioned that xAI’s potential valuation could range from $15 billion to $20 billion, albeit subject to change in the coming weeks. To clarify matters, Musk emphatically stated on his social media platform, X, that the report was simply not accurate.
xAI’s AI assistant, ‘Grok,’ is part of the X Premium Plus subscription, offered at $16 per month via the web. The service is aimed at providing users with enhanced features and capabilities.
Elon Musk’s xAI venture has been at the forefront of technological innovation, with aims to bring about advancements in the field of artificial intelligence. As one of the most prominent figures in the tech industry, Musk’s ventures, including Tesla and SpaceX, continue to be closely watched by investors, researchers, and enthusiasts alike.
While the reports of xAI securing significant funding may have been debunked by Musk himself, the company’s future prospects and potential remain subjects of great interest. As the AI industry continues to grow and evolve, xAI’s progress in developing groundbreaking technologies will undoubtedly be closely monitored.
As always, it is essential to approach such news with caution and verify information directly from official sources. As the landscape of AI and technological advancements rapidly changes, accurate and verified reporting is vital to staying informed.
In conclusion, Elon Musk has come forward to deny reports of xAI securing $500 million in funding. The claim, characterized as fake news by Musk himself, has been challenged, with the Tesla CEO stating that the report is simply not accurate. While xAI’s future prospects continue to generate interest, it is important to rely on verified information from official sources to navigate the ever-evolving world of AI.
