Elon Musk is seeking to raise $1 billion for his artificial intelligence company xAI. The filing with the Securities and Exchange Commission said that it has already raised $135 million of that $1 billion target, and it has a “binding and enforceable agreement” for the purchase of the remaining shares available in this offering. In a post on X, the social media platform formerly known as Twitter, last month Musk announced that investors in X Corp that he bought last year will own 25% of xAI. The date of the the first sale of stock in the company was November 29, which was the same day that Musk appeared at the New York Times DealBook Summit. Asked by an analyst why Musk would start a separate AI company that could be seen as competing with those efforts, Musk said it was the only way to attract some of the staff he was seeking.

Source: CNN December 06, 2023 17:08 UTC