"Elon Musk Refutes Reports of $500M Investment in AI Startup"

Elon Musk denied reports that his AI startup, xAI, has raised $500 million of its $1 billion investment goal, stating that the information is inaccurate. xAI, founded by Musk in July, is in discussions for a valuation of $15 billion to $20 billion and is looking to finalize investment terms in the coming weeks. The company has filed a document with the SEC indicating its intent to raise $1 billion through an equity offering, with over $134 million already sold. Musk clarified that xAI is not currently raising money and aims to compete with OpenAI and Anthropic. xAI recently launched its "Grok" chatbot, available to X Premium+ subscribers, and has signed a contract to train its AI model on Oracle’s cloud.