Elon Musk’s xAI firm valued at $24 billion as investors pledge more money

Elon Musk’s AI firm, xAI, has secured $6 billion in new funding from investors, including Sequoia Capital, Andreessen Horowitz, and Saudi Prince Alwaleed Bin Talal, raising its valuation to $24 billion.

The funds will be used to launch its first products, build advanced infrastructure, and accelerate R&D.

Initially valued at $18 billion, xAI’s latest funding positions it as a competitor to OpenAI, the creator of ChatGPT.

Musk, who founded xAI in July last year, previously co-founded OpenAI but left over strategic differences, CNN reported.

read more: https://www.cnn.com/2024/05/27/tech/elon-musk-xai-6-billion-funding/index.html

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