Musk on reports of xAI raising $10 bln at $200 bln valuation: fake news. xAI is not raising any capital right now

Musk on reports of xAI raising $10 bln at $200 bln valuation: fake news. xAI is not raising any capital right now

Elon Musk, the CEO of Tesla (TSLA), has publicly dismissed reports of xAI raising $10 billion at a $200 billion valuation. In a recent post on X, Musk clarified that xAI is not currently raising any capital. This statement comes amidst speculation about the company's financial health and its future prospects.

Musk's comments follow a series of reports suggesting that xAI is planning a significant capital raise, which would have valued the company at $200 billion. However, Musk has stated that these reports are "fake news" and that xAI is not in the process of raising funds.

The AI startup xAI has been making headlines recently due to its chatbot Grok, which has reached 64 million monthly users. The company has been expanding its operations and has plans to build a Microsoft competitor called Macrohard. However, the company has faced challenges, including the departure of several executives and concerns about its management and financial health.

Musk's focus on xAI has raised questions about his involvement in other companies, such as Tesla. The Tesla board of directors has been pushing for a trillion-dollar pay package for Musk, which they say will motivate him to improve the company's performance. However, Musk's focus on xAI has led to concerns about the time he is spending on his other businesses.

Despite these challenges, xAI has been making progress. The company's chatbot Grok has reached 64 million monthly users, and it has been integrated into other Musk-owned companies, such as Tesla. The company has also made predictions about its future growth, including quintupling advertising revenue to $10 billion a year at X, formerly Twitter.

In conclusion, while xAI has been making strides in the AI sector, reports of a significant capital raise have been denied by Musk himself. The company's future remains uncertain, but its recent developments suggest that it is making progress in the AI space.