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AI startups are Blog Post The company announced on Sunday that it had raised $6 billion in a Series B funding round.
“We will have more to announce in the coming weeks,” Musk said. X Post Monday morning.
The wayward billionaire then X Post xAI had a pre-money valuation of $18 billion, a financial term that refers to a company’s value before any equity investments are made.
Pre-money valuation is $18 billion
— Elon Musk (@elonmusk) May 27, 2024
Sunday’s announcement was the first time xAI has spoken about its fundraising efforts. Musk said Repeatedly denied Previous Report from Bloomberg And that Financial Times About xAI’s investor outreach.
The influx of capital will be vital for Musk, who envisions xAI as an alternative to OpenAI, which he co-founded with Altman. Resigns from OpenAI board 2018.
The maker of ChatGPT was valued at more than $80 billion in a deal that allowed employees to cash out their shares. The New York Times The company reported the deal in February, citing people familiar with the matter.
Musk filed a lawsuit against OpenAI in February, alleging that the company was violating its non-profit mission by partnering with Microsoft.
A year ago, Musk expressed disappointment with the current state of OpenAI, saying:That was not intentional at all.“
“OpenAI was founded as an open source (hence the name ‘Open’ AI) non-profit company to compete with Google, but is now effectively controlled by Microsoft and has become a closed source, profit-maximizing company,” Musk wrote on X.