08 April 2024 – According to a Wall Street Journal story, talks between investors close to Elon Musk and xAI, his artificial intelligence business, are underway with the goal of generating a substantial $3 billion investment. The possible fundraising round has the potential to propel xAI’s value to an incredible $18 billion.
According to people who are familiar with the situation, Steve Jurvetson and the well-known venture capital company Gigafund are two of the people who are thinking about supporting this project. The sources used by the Wall Street Journal also said that a co-founder from a different venture company was involved, albeit neither the individual’s name nor the business’s name was given.
The Wall Street Journal reports that while the details of this fundraising campaign are still being worked out and may change, recent talks have apparently picked up a lot of steam.
Conclusion
Musk’s action is a calculated attempt to provide a strong rival to market leaders like Alphabet’s Google and Microsoft-backed OpenAI. Musk launched xAI last year with the intention of expanding artificial intelligence’s capabilities.
