CDS Crypto News Elon Musk xAI Claims: Musk Denies $500 Million Investment
Crypto News

Elon Musk xAI Claims: Musk Denies $500 Million Investment

Elon Musk xAI claims have been denied.

46
Elon Musk xAI Claims: Musk Denies $500 Million Investment

Crypto NewsElon Musk refuted reports in a recent post on X that his artificial intelligence (AI) startup, xAI, had raised $500 million of the $1 billion total fundraising objective.

Elon Musk xAI Claims: Musk Denies $500 Million Investment

Musk declared the claim to be untrue, pointing out that the details contained inside were deceptive and erroneous. Earlier, sources close to Bloomberg claimed that talks over xAI‘s valuation ranged from $15 billion to $20 billion.

The story reportedly alluded to ongoing discussions between investors and Musk regarding ways to obtain computer power in lieu of or in addition to equity shares in xAI. According to sources, the ongoing negotiations should conclude in the upcoming weeks. Through an SEC filing, the funding objective for xAI was made public in December 2023.

Musk’s Past Statements Confused

According to a December 5, 2023, SEC filing, the AI business had already raised $865.3 million through a private sale of unregistered equity instruments, notwithstanding Musk’s denial of the Bloomberg report. Musk had already disclosed in November of last year that X equity investors would acquire a 25% share of xAI.

The business unveiled Grok, a proprietary artificial intelligence assistant tool that works similarly to OpenAI’s ChatGPT, a few months after its formal launch. Grok is the greatest AI tool available right now, according to Musk.  In short, Musk contradicts himself a lot, even though he denies the allegations.

Elon Musk xAI Claims: Musk Denies $500 Million Investment
Written by
lectertodd

Lectertodd is 25 years old. She graduated from Çankaya University, Department of Psychology, in 2021. She actively works as a writer, translator, and editor for various websites. Moreover, she loves reading, researching, and learning new things.

Leave a comment

Leave a Reply

Related Articles

New Crypto Scam Alert: Fraudsters Drain Wallets Without Transaction Confirmation

Telegram groups are advised to watch out for new crypto scams.

Solana NFT Sales Volume Breaks Record of $5 Billion

Solana NFT sales volume is steadily increasing.

Spot Bitcoin ETFs Make History, Surpassing 50 Billion dollars in Trading Volume

Spot Bitcoin ETFs have surpassed $50 billion in cumulative trading volume, reflecting...

Enigmatic Ethereum Whale Amasses 411 Million Dollars in ETH During February Amidst ETF Speculations

While rumors linking the whale wallet to Justin Sun remain unconfirmed, one...