Elon Musk Squashes Rumors: No $500 Million for AI company Yet

Elon Musk denies a report about his AI company, xAI, getting $500 million for its $1 billion funding goal. Musk says it’s not true, responding to a user’s post on X, a social media platform.

xBots, the AI startup, is talking about being worth $15 billion to $20 billion, but the details might still change in the next few weeks. This info is from Bloomberg, who got it from people in the know.

Musk and investors are figuring out the details in the next couple of weeks. Some are thinking about getting computing power instead of, or maybe along with, xAI shares, according to Bloomberg.

Last December, Musk said his AI company wasn’t raising money. This was a day after the startup told the U.S. securities regulator it wanted up to $1 billion through selling shares.

Musk started xAI in July last year. It was his response to Big Tech’s AI projects, which he thinks censor too much and aren’t safe enough.

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