Elon Musk Slams Bloomberg Over ‘Fake’ xAI Funding Report

In a fresh wave of controversy, Elon Musk has taken to social media to dispute a recent Bloomberg report claiming that his artificial intelligence company, xAI, secured $500 million in commitments from investors. Notably, the report suggested a lofty $1 billion funding goal with a potential valuation between $15 billion to $20 billion.

However, Elon Musk vehemently denied the report, labeling it as “fake news.” Meanwhile, the conflicting narratives have stirred intrigue in the tech and AI communities, questioning the accuracy of the reported financial milestones for xAI.

Elon Musk Denies Bloomberg’s xAI Funding Report

In a swift response on the X platform, formerly Twitter, Elon Musk dismissed Bloomberg’s report that xAI had garnered $500 million in investor commitments. Meanwhile, the Tesla and SpaceX CEO declared the news as “fake,” contradicting Bloomberg’s detailed account of ongoing talks regarding xAI’s funding and potential valuation.

Notably, Musk’s quick denial underscores the volatility of information dissemination in the tech world and raises questions about the accuracy of financial reports in the AI sector.

In addition, Bloomberg’s report suggested that xAI’s valuation discussions were ongoing, ranging between $15 billion to $20 billion. Elon Musk, who launched xAI as an alternative to OpenAI last year, challenged the narrative, adding another layer of uncertainty to the evolving landscape of artificial intelligence investments.

Also Read: Bitcoin Price Sees Mild Bounce back, Whale Activity at 15-Month High

xAI Funding Round: Bloomberg’s Claim to Musk’s Contradiction

The conflicting narratives between Bloomberg’s report and Musk’s denial present a curious dichotomy in the artificial intelligence (AI) funding saga. According to Bloomberg’s sources, discussions were underway for xAI to secure $500 million in commitments, pushing towards a hefty $1 billion funding goal. In addition, the potential valuation of $15 billion to $20 billion added fuel to the speculative fire.

However, Musk’s denial on social media contradicts the detailed account presented by Bloomberg, leaving the tech and investment communities in a state of uncertainty. In addition, the report delves into the intricacies of xAI’s funding structure, highlighting Musk’s announcement in November that equity investors in X would own 25% of xAI.

Notably, the claims over ongoing discussions with investors and potential terms to be finalized in the coming weeks further contribute to the evolving narrative of xAI’s financial journey.

As the conflicting reports continue to circulate, the tech industry remains on high alert, waiting for official clarifications from Elon Musk or xAI. The AI startup’s role in challenging Big Tech’s AI efforts, coupled with Musk’s history of outspokenness on social media, adds an intriguing layer to the unfolding drama surrounding xAI’s reported funding and valuation.

Also Read: Ripple Fires Back At SEC For Seeking Financial Statements And Discovery

✓ Share:

Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.