Elon Musk’s artificial intelligence company, xAI, has filed regulatory documents indicating it has raised $134.7 million in equity financing, with plans to raise up to $1 billion in total. The company, launched in July 2023, is positioning itself as a direct competitor to OpenAI and Google in the AI space. xAI has developed Grok, an AI chatbot that aims to rival ChatGPT and is currently available to Premium+ subscribers on X (formerly Twitter). The chatbot is designed to have a rebellious personality and provide real-time information by accessing X’s platform data. Musk’s venture into AI comes after his criticism of OpenAI’s direction and his concerns about AI safety. The company’s fundraising efforts demonstrate significant investor interest in AI development, despite the competitive landscape. xAI operates in close collaboration with X and Tesla, leveraging their infrastructure and resources. The filing reveals that the first sale occurred on December 5, with the company successfully securing multiple investors. This development marks a significant step in Musk’s ambition to create what he describes as a ‘maximum truth-seeking AI’ that aims to understand the fundamental nature of the universe. The funding will likely be used to further develop Grok and expand xAI’s capabilities in the rapidly evolving AI sector.
Source: https://abcnews.go.com/Technology/wireStory/elon-musk-sells-xai-33-billion-stock-deal-120279788