Current:Home > InvestElon Musk's xAI says it raised $6 billion to develop artificial intelligence -BeyondWealth Learning
Elon Musk's xAI says it raised $6 billion to develop artificial intelligence
View
Date:2025-04-15 11:02:50
A group of investors will put up $6 billion to fund development of artificial intelligence by Elon Musk's xAI.
The company said on its website Sunday that the Series B funding round will be used to take xAI's first products to market and speed up research. xAI said it has made "significant strides" during the past year in developing the technology, which will continue in the coming months.
Investors in the latest round include Andreessen Horowitz, Sequoia Capital, Fidelity Management & Research, Valor Equity Partners, Vy Capital, Saudi Prince Alwaleed Bin Talal and Kingdom Holding.
Musk wrote on the social media site X that before the investment, xAI had a valuation of $18 billion. The new funding should help Musk's company compete against Microsoft and OpenAI, creator of ChatGPT, in the race to develop artificial intelligence.
Separately, Tesla shareholders were urged to reject Musk's $56 billion pay package by proxy advisory firm Glass Lewis, which in a Saturday report singled out the "excessive size" of the deal and its potentially negative impact on smaller shareholders .
The recommendation from the influential proxy advisory company comes as Tesla is asking its shareholders to vote again on his 2018 pay package after a Delaware judge earlier this year nullified the payout, which was the biggest compensation plan in corporate America.
Tesla shareholders are set to vote on the pay package on June 13.
Glass Lewis also singled out Musk's "slate of extraordinarily time-consuming projects unrelated to [Tesla]" in its recommendation to vote against the pay deal. In addition to his role as Tesla's CEO, Musk is also involved in xAi, SpaceX, the Boring Company, Neuralink and X, the former Twitter.
Musk announced the formation of xAI in July of last year. The company released its artificial intelligence chatbot, Grok, in November.
- In:
- Technology
- Elon Musk
- Social Media
- Artificial Intelligence
veryGood! (555)
Related
- Alex Murdaugh’s murder appeal cites biased clerk and prejudicial evidence
- Alaska mayor who wanted to give the homeless a one-way ticket out of Anchorage concedes election
- Baltimore Ravens QB Lamar Jackson 'skinny' but won't detail how weight came off
- American Airlines retreats after blaming a 9-year-old for not seeing a hidden camera in a lavatory
- House passes bill to add 66 new federal judgeships, but prospects murky after Biden veto threat
- Pennsylvania Rep. Dwight Evans says he’s recovering from a minor stroke
- ‘Heat dome’ leads to sweltering temperatures in Mexico, Central America and US South
- Chris Hemsworth went shockingly 'all in' as a villain in his new 'Mad Max' film 'Furiosa'
- Head of the Federal Aviation Administration to resign, allowing Trump to pick his successor
- Men's College World Series champions, year-by-year
Ranking
- The Daily Money: Spending more on holiday travel?
- Beach weather is here and so are sharks. Scientists say it’s time to look out for great whites
- New York will set aside money to help local news outlets hire and retain employees
- Charlie Colin, former bassist and founding member of Train, dies at age 58
- Newly elected West Virginia lawmaker arrested and accused of making terroristic threats
- Coast Guard: 3 people missing after boat capsizes off Alaska, 1 other found with no signs of life
- Celine Dion gets candid about 'struggle' with stiff person syndrome in new doc: Watch
- Caitlin Clark should listen to Jewell Loyd. Fellow top pick's advice could turn around rookie year.
Recommendation
Paula Abdul settles lawsuit with former 'So You Think You Can Dance' co
Michael Strahan's daughter Isabella reveals she has memory loss due to cancer treatment
Chelsea Lazkani Breaks Silence on Divorce After Estranged Husband Accused Her of Being Violent
The bodies of two Kansas women who disappeared in Oklahoma were found in a buried freezer
Will the 'Yellowstone' finale be the last episode? What we know about Season 6, spinoffs
Here's the full list of hurricane names for the 2024 season
Jennifer Lopez shuts down question about Ben Affleck divorce: A timeline of their relationship
Lawsuit seeks to block Washington parental rights law that critics call a ‘forced outing’ measure