ELON MUSK’S NEW AI COMPANY ATTRACTS TOP INVESTORS INCLUDING A SAUDI PRINCE

Tue 28 May 2024:

Elon Musk’s artificial intelligence start-up xAI has raised $6 billion in funding from several parties, including Saudi billionaire Prince Alwaleed Bin Talal and his investment company Kingdom Holding.

“xAI is pleased to announce our Series B funding round of $6 billion with participation from key investors including Valor Equity Partners, Vy Capital, Andreessen Horowitz, Sequoia Capital, Fidelity Management & Research Company, Prince Alwaleed Bin Talal and Kingdom Holding, amongst others,” the company announced on X yesterday.

“The funds from the round will be used to take xAI’s first products to market, build advanced infrastructure, and accelerate the research and development of future technologies,” it added.

“xAI is primarily focused on the development of advanced AI systems that are truthful, competent, and maximally beneficial for all of humanity. The company’s mission is to understand the true nature of the universe.”

Bin Talal and his company, Kingdom Holding, are major shareholders in X, which Musk acquired in 2022, with shares worth $1.9 billion.

Musk launched xAI in July last year, shortly after he signed a call to slow the development of artificial intelligence.

According to Musk, the new round of financing raises the company’s estimated valuation from $18 billion, to $24 billion.

-MEMO

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