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Musk denies report that claimed his AI firm secured a $500 mn funding


Musk denies report that claimed his AI firm secured a $500 mn funding

Tech billionaire Elon Musk has denied the report claiming that his artificial intelligence (AI) company ‘xAI’ secured $500 million in funding toward a $1 billion goal. Earlier a report stated that xAI was in talks with investors for an additional $500 million in funding. However, Elon Musk dismissed the report, saying it is fake.  


In the report, Bloomberg, citing sources, mentioned that xAI is considering a valuation of $15 billion to $20 billion, although the terms could change in the coming weeks. 


Musk, in another post on X, dismissed the report. 


According to a filing with the US Securities and Exchange Commission (SEC), the Tesla and SpaceX CEO has raised $134.7 million so far for xAI. The $135 million came from four unnamed investors, with the first sale occurring on November 29. 


The SEC filing noted that xAI will only accept a minimum of $2 million from outside investors. 


The xAI ‘Grok’ AI assistant is being provided to the users as part of X Premium Plus which costs $16 per month via the web. 

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