A group of investors will put up $6 billion to fund development of artificial intelligence by Elon Musk’s xAI, pushing its valuation to about $24 billion. The company said on its website Sunday that the funding round will be used to take xAI’s first products to market and speed up research. xAI said it has made “significant strides” during the past year in developing the technology, which will continue in the coming months.
Coalition of Tesla shareholders asks investors to vote against Elon Musk’s compensation package Musk wrote on the social media site X that before the investment, xAI had a valuation of $18 billion. The funding should help Musk’s company compete in a race to develop artificial intelligence against Microsoft and Open AI, which created ChatGPT. An early supporter of artificial intelligence, Musk backed OpenAI before it launched ChatGPT in late 2022.
Did Tesla Autopilot recall address its weakness? Safety regulators launch probe into company’s fix. Work on AI is also occurring at Tesla. In January, Musk said he wants 25% voting control of the electric vehicle maker before expanding its artificial intelligence and robotics efforts. Without such a stake, he said, he would “prefer to build products outside of Tesla.
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Source: Reuters - 🏆 2. / 97 Read more »