Musk denies report his AI firm secures $500 million towards $1 billion funding aim

Elon Musk has stated a report that his synthetic intelligence (AI) firm, xAI, has secured $500 million in commitments from traders towards a $1 billion aim is inaccurate.

“This is simply not accurate,” he stated in a reply to a person submit concerning the Bloomberg article on social media platform X.

The synthetic intelligence (AI) startup xAI is discussing a valuation of $15 billion to $20 billion, although phrases may nonetheless change within the coming weeks, Bloomberg reported, citing individuals aware of the matter.

xAI couldn’t instantly be reached for remark.

Musk and traders are anticipated to finalize phrases within the subsequent couple of weeks, and a few events are evaluating whether or not they can get computing energy along with, or in some circumstances as a substitute of, xAI fairness shares, Bloomberg reported.

Final December, Musk stated his synthetic intelligence firm was not raising funds, a day after the startup filed with the U.S. securities regulator to boost as much as $1 billion in an fairness providing.

Musk launched xAI in July final 12 months in response to Massive Tech’s AI efforts, which he has criticized for extreme censorship and a scarcity of enough security measures.