Fidelity Investments has increased its valuation of Elon Musk’s artificial intelligence company X/XAI to $35 billion, according to regulatory filings. This marks a significant increase from the $20 billion valuation assigned by Fidelity in October 2022. The updated valuation comes as Musk prepares to launch X/XAI’s AI products in 2024, aiming to compete with tech giants like Google and Microsoft in the rapidly evolving AI landscape. Musk has been vocal about his ambitions for X/XAI, stating that the company’s AI will be “the most important thing I’ve ever worked on.” While details about X/XAI’s AI offerings remain scarce, the company’s growing valuation reflects investor confidence in Musk’s ability to disrupt the AI industry.
Source: https://www.businessinsider.com/fidelity-boosts-valuation-elon-musk-x-xai-2024-12