Last year, Elon Musk launched an artificial intelligence startup, which is now valued at $50 billion, according to The Wall Street Journal.
Furthermore, the valuation of xAI has doubled since spring and now exceeds the worth of Twitter at the time Elon Musk acquired it.
Recall that the deal for Twitter amounted to $44 billion. Meanwhile, in September, Fidelity, which invested $19.6 million in the social network, reported that the value of its investments has decreased by almost 79% since 2022.
Twitter (now X) has faced significant financial issues following the acquisition, with many advertisers leaving the platform due to Musk's controversial statements and inadequate moderation. Musk himself complained about the boycott and later publicly dismissed former advertisers, including Apple and Disney.
As for xAI, when the company debuted, it positioned itself as one that aims to "understand the true nature of the Universe", and it has already introduced its own chatbot, Grok, trained on tweets and subsequently integrated into the network.
Interestingly, Elon Musk has previously urged caution regarding AI and even signed an open letter calling for a six-month pause in the development of such technology. The billionaire has also been an outspoken critic of OpenAI, accusing the organization of commercializing artificial intelligence and straying from its original mission of developing AI for the benefit of humanity. He was among the founders of the startup but left a few years later, officially due to a conflict of interest with Tesla and reportedly due to being denied the CEO position.
It is expected that Valor Equity Partners, Sequoia Capital, and Andreessen Horowitz, along with the Qatar Sovereign Wealth Fund and Qatar Investment Authority, will participate in the new round of xAI funding.
Note that OpenAI was valued at $157 billion during its last funding round in October.
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