Elon Musk denied Bloomberg’s xAI funding claim, calling it “fake news.” This has led to debate about the accuracy of AI investment reports. On the other hand, tokens inspired by ‘xAI’ saw declines of up to 30 percent.
Elon Musk denies Bloomberg’s xAI funding report
A recent Bloomberg report claimed that artificial intelligence company xAI has received $500 million in commitments from investors. Specifically, the report suggested a high financing target of $1 billion, with a potential valuation of $15 billion to $20 billion. Tesla CEO Elon Musk, the name behind the company, objected to this news. Musk vehemently denied the report, calling it “fake news.” Thus, it started a new wave of debate. Meanwhile, conflicting narratives have created intrigue in the technology and AI communities. He questioned the accuracy of reported financial milestones for xAI. This development negatively affected tokens using the name XAI. Tokens have seen a drop in value of up to 30 percent. The price of XAI (X) fell 30%, while XAI Corp (XAI) lost 13%.
Meanwhile, the CEO of Tesla and SpaceX declared the news “fake,” contradicting Bloomberg’s detailed description of ongoing talks regarding xAI’s financing and potential valuation. Elon Musk’s swift denial, in particular, underscores the variability of information dissemination in the technology world. It also raises questions about the accuracy of financial reporting in the AI industry. In addition, Bloomberg’s report shows that xAI’s valuation discussions continue. The report suggests it ranges from $15 billion to $20 billion. cryptokoin.comAs you follow from , Elon Musk founded xAI as an alternative to OpenAI last year. Musk’s challenge to the narrative has added another layer of uncertainty to the evolving landscape of AI investments.
xAI funding round: Musk’s contradiction and Bloomberg’s claim
There are conflicting narratives between Bloomberg’s report and Elon Musk’s denial. This creates an interesting dilemma in the artificial intelligence (AI) financing saga. According to Bloomberg’s sources, talks were ongoing for xAI to secure $500 million in commitments and move toward a lofty $1 billion funding goal. Additionally, a potential valuation of $15 billion to $20 billion added fuel to the speculative fire.
However, Elon Musk’s statement contradicts Bloomberg’s detailed statement. This left the technology and investment circles in uncertainty. The report also dives into the intricacies of xAI’s financing structure. He points to Musk’s announcement in November that equity investors in X would own 25% of xAI. In particular, ongoing talks with investors and allegations of potential terms to be finalized in the coming weeks cast a spotlight on the evolving narrative of xAI’s financial journey.
As conflicting reports continue to circulate, the tech industry awaits official statements from Elon Musk or xAI. That’s why he remains on high alert. The AI startup’s role in challenging Big Tech’s AI efforts, combined with Musk’s history of outspokenness on social media, adds an intriguing layer to the emerging drama surrounding xAI’s reported funding and valuation.
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