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Musk denies report of millions invested in XAI

Musk denies report of millions invested in XAI

Elon Musk described reports that his artificial intelligence company, xAI, received $500 million in commitments from investors to reach its $1 billion goal, as untrue. “This is simply not true,” he said in response to a user’s post about the Bloomberg article on the social media platform X.

The AI ​​startup is discussing a valuation between $15 billion to $20 billion, though terms could change in the coming weeks, a Bloomberg report said 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 could acquire computing power in addition to, or in some cases instead of, XAI shares, Bloomberg reported.

In December last year, Musk said that his artificial intelligence company would not seek funding, a day after the startup filed an application with the US Securities and Exchange Commission to raise capital of up to $1 billion. Musk, the head of Tesla and SpaceX, founded xAI in July last year in response to the AI ​​efforts of big tech companies, which he criticized for excessive oversight and inadequate security measures.

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