Advertisement

Updated January 21st, 2024 at 14:28 IST

Elon Musk disregards news on $ 500 mn funds secured for xAI

Elon Musk disapproves of news reports on the $500 million funding plans for his artificial intelligence (AI) start-up, xAI.

Nitin Waghela
Elon Musk disregards news on $ 500 mn funds secured for xAI
Elon Musk disregards news on $ 500 mn funds secured for xAI | Image:AP
Advertisement

Fake News: Elon Musk has disapproved of reports circulating on the $500 million funding plans for his artificial intelligence (AI) start-up, xAI, through social media posts on the micro-blogging platform X (previously called Twitter).

Replying to two X users individually, Founder of xAI, Elon Musk, said that the information was "simply not accurate" and called the original Bloomberg report "fake news".

Advertisement

Contradictory claims

Earlier, Bloomberg had reported that xAI is in discussions of securing $500 million in funding based on a valuation ranging between $15-This news was dismissed by Elon Musk as fake news.

Advertisement

The publication claimed that discussions are underway, aiming for a tender offer valued between $500 million and $750 million, citing sources, while adding that the potential share price could be approximately $95 each.

While xAI has not issued an official statement, Bloomberg quoted sources about the ongoing talks. The company did not respond to queries, Reuters said.

Advertisement

In December last year, Musk had denied fundraising for xAI, despite the start-up's filing with the United States securities regulator showing it plans to raise $1 billion through equity offering.

The document also noted that xAI has already raised about $135, without disclosing the names of those investors, as per media reports.

Advertisement

Published January 21st, 2024 at 14:28 IST

Your Voice. Now Direct.

Send us your views, we’ll publish them. This section is moderated.

Advertisement
Advertisement
Whatsapp logo