The Smartest Investors Club
  • Business
  • Politics
  • Investing
  • World
  • Business
  • Politics
  • Investing
  • World

The Smartest Investors Club

Business

Elon Musk’s AI startup now valued at $24 billion after fresh funding

by May 28, 2024
May 28, 2024
Elon Musk’s AI startup now valued at $24 billion after fresh funding

Elon Musk’s AI startup xAI raised $6 billion in series B funding, reaching a post-money valuation of $24 billion as investors bet big on challengers to companies like OpenAI in the intensifying AI race.

The funding round was backed by investors including Andreessen Horowitz and Sequoia Capital, the company said in a blog post on Sunday.

The company’s pre-money valuation was $18 billion, Musk said in a post on X.

The money will be used to take xAI’s first products to market, build advanced infrastructure and accelerate research and development of future technologies, xAI said.

“There will be more to announce in the coming weeks,” Musk said in another X post, in response to the announcement of the funding.

Companies like Microsoft-backed OpenAI and Alphabet’s Gemini are among those leading the fierce race for generative AI dominance, driving significant investments and innovation in the rapidly evolving landscape.

This post appeared first on NBC NEWS
0
FacebookTwitterGoogle +Pinterest
previous post
Sage Potash Closes Private Placement of $1,822,500
next post
Seven killed and over 1 million evacuated as Cyclone Remal lashes South Asia

You may also like

Fed Chair Powell says holding rates high for...

Major maritime strike could threaten ports across the...

Clorox warns cyberattack and product shortages will drag...

Google CEO Pichai struggled to navigate a pressure-filled...

Amazon to shut down speedy brick-and-mortar delivery service

Boeing factory workers strike after overwhelmingly rejecting contract

Why the Fed’s keeping rates higher for longer...

UAW and Ford reach tentative agreement, potentially ending...

Trump Media stock erases all gains since it...

Argentine President Milei faces impeachment calls for promoting...

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest

    • How Rotimi and Vanessa Mdee’s chance romance became a deep dive into...

    • 14,000 troops, 100 ballistic missiles and millions of munitions: What North Korea has sent to Russia, report finds

    • Dreams cut short, Chinese students anxious and angry over ‘aggressive’ US visa ban plans

    • Trump’s Nuclear Revival Plan Boosts Uranium Prices, Sends US Miners Soaring

    • China snubs Asia’s largest defense forum as tensions with US simmer

    Categories

    • Business (1,671)
    • Investing (4,988)
    • Politics (7,825)
    • World (6,336)
    • Terms & Conditions
    • Privacy Policy
    • About us

    Disclaimer: thesmartestinvestorsclub.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 thesmartestinvestorsclub.com | All Rights Reserved


    Back To Top