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Elon Musk’s xAI Secures $6 Billion in New Funding and Reveals Valuation

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Elon Musk’s AI startup, xAI, recently announced that it has raised $6 billion in Series B funding, bringing its valuation to $24 billion. Investors in the round included Valor Equity Partners, Vy Capital, Andreessen Horowitz, and others. The company plans to use the funds to develop new products and accelerate research and development of future technologies. Musk stated that xAI had a pre-money valuation of $18 billion before the funding round.

In December, xAI had announced its intention to raise $1 billion in capital, with about $134 million already sold. Musk had previously denied reports of xAI raising capital and disputed claims about the company’s valuation. The funding announcement comes after xAI launched its Grok chatbot in November, which is now available to users who purchase a subscription to the social media platform. Musk has been vocal about his mission with xAI, stating that the company is focused on understanding the universe and making a meaningful impact on humanity.

xAI is currently hiring for various roles and seeking talented individuals to join their team. Musk emphasized the company’s mission of pursuing the truth rigorously, without regard to popularity or political correctness. xAI was launched by Musk to compete with OpenAI, a company he co-founded but later left the board due to concerns about falling behind in the AI race. Musk also filed a lawsuit against OpenAI for breaching its founding agreement to develop AI for the benefit of humanity rather than for profit.

In response to Musk’s lawsuit, OpenAI stated that he had left the board because he wanted control over the company and suggested merging OpenAI with Tesla. The dynamics between Musk and OpenAI co-founders were discussed in an open letter from the company. Musk’s xAI continues to make significant strides in the AI industry, with plans to bring new products to market and advance research in future technologies. The company’s recent funding round has further solidified its position in the competitive AI landscape.

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