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Elon Musk denies report indicating his AI startup, xAI, has raised $500M in funding - SiliconANGLE

Jan 21, 2024 - siliconangle.com
Elon Musk has denied reports that his AI startup, xAI Corp., has raised $500 million in funding towards a goal of a $1 billion investment. The report by Bloomberg suggested that the startup was in discussions for a funding round that would value it between $15 billion and $20 billion. Musk refuted these claims on social media platform X, stating that the startup was not currently raising money.

xAI, which Musk revealed last summer, is focused on generative AI and has been working in collaboration with X and Tesla. The startup recently launched a preview of its AI chatbot, Grok, which is available to X Premium+ subscribers in the U.S and several other countries. Last December, Oracle Corp. founder Larry Ellison revealed that xAI had agreed to train its AI models on Oracle’s cloud infrastructure.

Key takeaways:

  • Elon Musk has denied reports that his AI startup, xAI Corp., has secured $500 million in funding, stating that the startup is not currently raising money.
  • Bloomberg's report suggested that xAI is in discussions for a funding round that could value the startup between $15 billion and $20 billion.
  • xAI is reportedly working in collaboration with the social media platform X and Tesla, and has launched a generative AI chatbot called Grok.
  • Oracle Corp. founder Larry Ellison revealed that xAI had agreed to train its AI models on Oracle's cloud infrastructure.
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