Elon Musk aims to secure $1 billion for his artificial intelligence firm, xAI, as per a filing with the Securities and Exchange Commission.
The company has already obtained $135 million of that goal and holds a commitment for the purchase of the remaining shares.
Musk recently revealed on the social media platform X (formerly Twitter) that investors in X Corp, acquired by him last year, would possess a 25% stake in xAI.
The company’s initial stock sale occurred on November 29, coinciding with Musk’s appearance at the New York Times DealBook Summit.
During this event, Musk apologized for antisemitic tweets on his personal X account but also delivered a blunt message to advertisers who left X due to concerns about antisemitic content.
While Musk has cautioned about AI potentially leading to “civilization destruction,” he launched xAI in July, emphasizing collaboration with X (Twitter), Tesla, and other companies.
In a conversation with British Prime Minister Rishi Sunak, Musk highlighted AI’s potential to create a world with reduced work demands and AI companionship.
Despite foreseeing positive outcomes, Musk remains cautious, acknowledging the potential downsides of AI. Tesla’s AI endeavors aim for self-driving cars and robotics.
Musk explained that launching xAI as a separate entity was crucial to attract top AI talent, especially individuals who were more inclined towards joining a startup than a more established company like Tesla.
“There were just some of the world’s best AI engineers and scientists that were willing to join a startup, but they were not willing to join a large, sort of relatively established company like Tesla,” he said on a quarterly earnings call with Tesla investors. “So I was like, ‘Okay, well, better to start up that, that I run this, than they go work somewhere else.’ That’s kind of the genesis of xAI.”
Source-CNN
