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Musk Denies His AI Company Secures $500m Out Of $1bn Funding Goal

Famous South African business mogul, Elon Musk has said a report that claimed his artificial intelligence (AI) company, xAI, has secured $500 million in commitments from investors toward a $1 billion goal is inaccurate.

A $15 billion to $20 billion valuation is being discussed for the artificial intelligence (AI) startup xAI, however, details may alter in the upcoming weeks, according to a report by Bloomberg that cited inside sources.

“This is simply not accurate,” he said in a reply to a user post about the Bloomberg article on the social media platform, X, previously known as Twitter.

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The parameters are anticipated to be finalised by Musk and investors in the coming weeks, and according to Bloomberg, some parties are assessing whether they may obtain processing power in lieu of or in addition to xAI stock shares.

Shortly after registering with the US securities regulator to seek up to $1 billion in equity funding, Musk announced in December of last year that his artificial intelligence venture was not raising money.

Musk established xAI in July of last year in opposition to Big Tech’s AI initiatives, which he has criticised for harsh censorship and a lack of adequate safety measures.

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