Elon Musk's xAI Startup Aims to Raise $1 Billion in Equity

Elon Musk's artificial intelligence company xAI is looking to raise $1 billion in funding from equity investors. Musk has already raised nearly $135 million, and the new filing with the Securities and Exchange Commission indicates his intention to secure additional funding. xAI was created earlier this year to compete with other generative AI companies, including OpenAI, where Musk was a co-founder. The company has released a chatbot called Grok, trained on data from the X social network, which Musk also owns. Musk has been critical of OpenAI and believes it is effectively controlled by Microsoft. Despite his involvement in AI, Musk has expressed reservations about the technology and has called for a pause in the training of powerful AI models.