Billionaire Elon Musk denied the accuracy of reports stating that his startup company, xAI, had entered into discussions to raise $6 billion in funding.
The Financial Times reported that the startup company has been in talks with family offices in Hong Kong and is targeting Middle Eastern sovereign wealth funds to secure funding that would increase its valuation to $20 billion.
The report also stated that Musk has been in contact with investors in Japan and South Korea in this context as well.
However, Musk emphasized that xAI does not raise capital and has not engaged in any discussions regarding this matter with anyone.
The race in the field of artificial intelligence is intensifying, as many investors write large checks in favor of start-up companies looking to capitalize on it.
Last week, the CEO of Tesla denied the validity of other reports that suggested xAI had secured half a billion dollars in funding commitments from investors to support its billion-dollar funding goal.
xAI, last year, launched the conversational robot Grok, intended to compete with ChatGPT.
However, earlier this month, Musk announced a condition to have a 25% control over voting within Tesla before achieving the goal of incorporating artificial intelligence into the company’s products.(AFP)
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