Elon Musk refutes the report claiming that his AI company has secured $500 million towards its $1 billion funding objective.
Elon Musk has said in a report that his artificial intelligence (AI) company XAI has received $500 million in pledges from investors toward a $1 billion goal, which is false.
“This is absolutely false,” he said in response to a user’s post about the Bloomberg article on social media platform X.
Artificial intelligence (AI) startup xAI is discussing a valuation of between $15 billion and $20 billion, Bloomberg reported, citing people familiar with the matter, although terms could still change in the coming weeks.
XAI could not immediately be reached for comment.
According to a Bloomberg report, Musk and investors are expected to finalize terms in the coming weeks, and some of the parties are evaluating whether they can buy XAI shares in addition to, or in some cases, get power.
Last December, Musk said his artificial intelligence company was not raising funds, a day after the startup filed with the US securities regulator to raise up to $1 billion in a securities offering. Actions.
Last year, in the month of July, Musk came forward with a new idea called XAI. This idea was a response to the AI efforts made by big technology companies. Musk expressed his worries about these companies having content policies that were too strict and not enough protective measures being implemented.