Elon Musk Denies Getting $500 Million Toward $1 Billion Funding Goal For AI Company

(CTN News) – Elon Musk has told the Wall Street Journal that he believes the report that his artificial intelligence (AI) company, xAI, has secured $500 million in commitments from investors toward a goal of $1 billion is false.

On the social network platform X, he responded to an individual’s posting about the Bloomberg article by saying, “This is simply not accurate, this is just not right.”

It was reported by , citing people familiar with the matter, that XAI, one of the world’s leading artificial intelligence (AI) startups, is in the process of negotiating a valuation of from $15 billion to $20 billion with a private equity firm, however the terms could change in the near future.

A spokesperson for AI could not be reached for comment at the time of this writing.

reported that Musk and investors are expected to finalize terms within the next few weeks, and some parties are considering whether they can get computing power in addition to, or in some cases in place of, the AI equity shares, according to Bloomberg.

Musk had said in December that he would not seek funding for his artificial intelligence company, a day after the startup had filed with the Securities and Exchange Commission to raise up to $1 billion through an equity offering.

SpaceX CEO, Elon Musk, launched AI last July to respond to the AI strategies of the big tech companies, which he has been criticizing for excessive censorship and a lack of adequate safety measures.

SEE ALSO:

OpenAI Signs Up Arizona State University As Its First Customer