Elon Musk wants to fund up to $6 billion for his AI startup - FT
Elon Musk wants to fund up to $6 billion for his AI startup - FT Reuters 6:10 p.m. on January 26, 2024 Source reuters.com January 26 (Reuters) - According to the Financial Times, Elon Musk's artificial intelligence start-up xAI is in talks to raise up to $6 billion at a proposed valuation of $20 billion. The billionaire entrepreneur hopes to take on OpenAI with this venture, which opened a new tab on Friday. The start-up is seeking money from sovereign wealth funds in the Middle East and has held discussions with family offices in Hong Kong, according to a story opens new tab that cited several people with knowledge of the situation. With multiple investors writing large cheques to start-ups hoping to cash in on what has drawn Silicon Valley's attention in the last year, the race to develop AI has been intensifying. The $1 billion target that xAI had stated in a filing with the U.S. Securitie