Alexander Lewis 
Jan 21, 2024
Elon Musk has rejected a report claiming that his artificial intelligence (AI) startup xAI has raised a total of $500 million so far out of the $1 billion mark it aims to reach.
The Tesla boss termed the report's assertion, regarding the funds it has accumulated so far, as inaccurate.
While replying to a user's post on X (formerly known as Twitter) about the Bloomberg article, wherein the claim was made, he said, "This is simply not accurate."
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Citing people knowledgeable of the matter, the Bloomberg article stated that Elon Musk's AI startup, xAI, is considering the valuation to be between $15 billion and $20 billion.
However, the terms and policies set forth for the valuation could be amended in the coming weeks, the report added.
According to Reuters, it was mentioned in the Bloomberg report that Musk and xAI's investors are mulling to settle the final terms in the coming weeks.
Meanwhile, some investors are eyeing to secure only some computing-related control of the startup, or alongside their equity shares for xAI, Reuters quoted the report as stating.
In December of last year, Musk stated that his artificial intelligence company would not be seeking additional funds, despite the startup's filing with the US securities regulator to potentially raise up to $1 billion in an equity offering.
xAI was introduced by Musk in July last year as a response to the AI initiatives of Big Tech, which he has condemned for excessive censorship and insufficient safety protocols.
