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Elon Musk’s New AI Firm To Raise Up To $1 Billion In Equity Offering

News BY Soumava Dec 12, 2023
Elon Musk's AI firm xAI files to raise up to $1 billion in equity offering

xAI, the new AI startup of Elon Musk, has filed with the US Securities and Exchange Commission to raise up to $1 billion in equity offering. The company filed for the equity offering on Tuesday. As of now, the company has already raised $134.7 in equity financing from the $1 billion amount offered as per the filing with the US SEC.

This year, many startups went for fundraising after OpenAI launched ChatGPT, its popular chatbot, last year. OpenAI raised $10 billion from Microsoft Corp., which is also the strategic backer of the startup. However, there are some regulators who are more concerned with the higher spread of misinformation with the rise in the usage of artificial intelligence.

According to Reuters.com,

Musk has been vocal about his plans to build safer AI. In a Twitter Spaces event earlier in the year he said that rather than explicitly programming morality into its AI, xAI will seek to create a “maximally curious” AI. The billionaire, who has criticized Big Tech’s AI efforts as ridden with censorship, in July launched xAI, calling it a “maximum truth-seeking AI” to rival Google’s Bard and Microsoft’s Bing AI.

Musk was also one of the co-founders of OpenAI back in 2015. The company later created ChatGPT, which has become one of the major influences behind the higher use of generative AI technology around the world. However, Musk stepped down from the OpenAI board in 2018 for various reasons.

Last month, xAI launched a chatbot named Grok, which will rival OpenAI’s ChatGPT. Musk also talked about integrating the artificial intelligence startup with the social media platform X (formerly Twitter). The app will also be available as a standalone app.

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A passionate writer and an avid reader, Soumava is academically inclined and loves writing on topics requiring deep research. Having 3+ years of experience, Soumava also loves writing blogs in other domains, including digital marketing, business, technology, travel, and sports.

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