Cathie Wood's Ark buys stake in Musk's xAI, Bloomberg News reports

FILE PHOTO: Cathie Wood, founder and CEO of ARK Investment Management LLC, speaks during the Skybridge Capital SALT New York 2021 conference in New York City, U.S., September 13, 2021. REUTERS/Brendan McDermid/File PhotoCathie Wood's Ark Investment Management had purchased a stake in xAI, Elon Musk's artificial intelligence startup with a post-money valuation of $24 billion, Bloomberg News reported on Tuesday.

Musk's xAI announced on Monday it had raised $6 billion in series B funding, backed by investors including Andreessen Horowitz and Sequoia Capital.

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