↑ Billion-Dollar Investments Fuel Growth and Innovation for Musk's xAI

Elon Musk's xAI has notably landed $6 billion in new cash to fuel its AI ambitions and is reportedly valued at $50 billion in a new funding round. The funds are likely to support its ambitious plans, which include challenging OpenAI and launching an AI game studio. It may also help fund the purchase of 100,000 Nvidia chips for a Memphis data center. xAI is also preparing to unlock 6.3% of the circulating coin supply and making its Grok chatbot free for select users. Amid these developments, Musk is considering a $5 billion investment from Tesla in xAI, alongside the start-up’s series B funding worth $6 billion and rising valuation to $24 billion. While it was reported that Tesla might pay xAI for an AI technology partnership, Musk denied these claims. The significant resources and talent from Tesla diverted to xAI have led to a lawsuit from Tesla investors. Nevertheless, xAI's performance continues to boost Musk's net worth. There were also plans to unlock $200m in tokens, including IMX, APT, and XAI. Despite these advancements, XAI’s coin price has tanked by 20% after an airdrop and Binance listing. Meme coin related to xAI, Grok, also surged over 1,000% nearly a week after its inception despite Musk’s insistence that xAI is not raising money through tokens. The firm also pursued a $40 billion valuation in a new funding round.

XAI Coin News Analytics from Thu, 17 Nov 2022 11:47:20 GMT to Tue, 24 Dec 2024 10:06:00 GMT - Rating 7 - Innovation 10 - Information 8 - Rumor 6