{"id":53168,"date":"2023-12-06T18:37:52","date_gmt":"2023-12-06T18:37:52","guid":{"rendered":"https:\/\/prosfunds.com\/business\/elon-musk-seeking-to-raise-1-billion-for-his-xai-firm\/"},"modified":"2023-12-06T18:37:53","modified_gmt":"2023-12-06T18:37:53","slug":"elon-musk-seeking-to-raise-1-billion-for-his-xai-firm","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=53168","title":{"rendered":"Elon Musk seeking to raise $1 billion for his xAI firm"},"content":{"rendered":"<div data-editable=\"content\" itemprop=\"articleBody\" data-reorderable=\"content\">\n<p class=\"paragraph inline-placeholder\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/clptrartj003w26nxde1sd9i3@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n      Elon Musk is seeking to raise $1 billion for his artificial intelligence company xAI.\n  <\/p>\n<p class=\"paragraph inline-placeholder\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/clptrbsrf00053b6hl58gsov0@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n      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 \u201cbinding and enforceable agreement\u201d 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.\n  <\/p>\n<p class=\"paragraph inline-placeholder\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/clptskz3h000v3b6hh7bdb9ax@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n      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. At that appearance<strong> <\/strong>he apologized for antisemitic tweets on his personal X account but also told advertisers which have left X because of concerns about antisemitic content on the platform to<strong> <\/strong>\u201cgo f**k yourself.\u201d\n  <\/p>\n<p class=\"paragraph inline-placeholder\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/clptrqu3l000b3b6hg9c52xpf@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n      Musk has been among those warning that AI could lead to \u201ccivilization destruction.\u201d But in July he announced the creation of xAI, saying that it would \u201cwork closely with X (Twitter), Tesla, and other companies to make progress towards our mission.\u201d\n  <\/p>\n<p class=\"paragraph inline-placeholder\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/clptrvbht000d3b6huu1hsdjw@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n      Last month in a public conversation with British Prime Minister Rishi Sunak that discussed both the dangers and opportunities of AI, Musk said that the technology could lead to a world in which no one needs to work and AI companionship would be one of the highest forms of friendship.\n  <\/p>\n<p class=\"paragraph inline-placeholder\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/clptrzis8000f3b6hfks95tn4@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n      \u201cAI will be a force for good most likely,\u201d Musk said, before cautioning, \u201cbut the probability of it going bad is not zero percent.\u201d\n  <\/p>\n<p class=\"paragraph inline-placeholder\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/clpts215e000h3b6htmvsx1u0@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n      Tesla has its own AI efforts as part of its goals of offering self-driving cars and robots in the future. 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.\n  <\/p>\n<p class=\"paragraph inline-placeholder\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/clpts7hq0000j3b6hijewx7ac@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n      \u201cThere were just some of the world\u2019s 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,\u201d he said on a quarterly earnings call with Tesla investors. \u201cSo I was like, \u2018Okay, well, better to start up that, that I run this, than they go work somewhere else.\u2019 That\u2019s kind of the genesis of xAI.\u201d\n  <\/p>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/www.cnn.com\/2023\/12\/06\/investing\/elon-musk-seeks-1-billion-xai\/index.html\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 \u201cbinding and enforceable agreement\u201d for the purchase of the remaining shares available in this offering. In [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":53169,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[23],"tags":[],"class_list":{"0":"post-53168","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Elon Musk seeking to raise $1 billion for his xAI firm | Prosfunds<\/title>\n<meta name=\"description\" content=\"Elon Musk is seeking to raise $1 billion for his artificial intelligence company xAI. 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