To create artificial intelligence, Elon Musk’s company xAI has received $6 billion from an investment group.
In a statement on its website, xAI said it will use the Series B funding to get its first products to market faster and accelerate research. In the past year, xAI has made significant strides in AI technology development and will continue this work over the next few months.
Among the new investors are Andreessen Horowitz, Sequoia Capital, Fidelity Management & Research, Valor Equity Partners, Vy Capital, Saudi Prince Alwaleed Bin Talal and Kingdom Holding.
xAI was valued at $18 billion before this investment round, according to a tweet by Musk on social media platform X. The additional funding will help xAI compete with Microsoft and OpenAI — which created ChatGPT — in the race for AI development supremacy.
Elsewhere in Tesla news, proxy advisory firm Glass Lewis is recommending shareholders vote against CEO Elon Musk’s $56 billion pay package. In a report published Saturday (June 5), Glass Lewis criticized the scale of the award and its potential negative impact on smaller shareholders.
The recommendation comes as Tesla asks shareholders to vote again on Musk’s 2018 pay package following its nullification by a Delaware judge earlier in 2021. The vote is set for June 13.
Glass Lewis also cited Musk’s involvement in various other projects outside Tesla — such as SpaceX, Neuralink, the Boring Company and X (formerly Twitter) — along with xAI as reasons to be against the pay deal.
Musk founded xAI in July last year and the firm launched its AI chatbot Grok in November.
Source: cbsnews
