Elon Musk's AI venture's market value revealed

SpaceX owner Elon Musk, who despite dubbing it an existential threat, joined the artificial intelligence (AI) race last year, is basking in the glory of billions of dollars that are pouring into his startup xAI.

The Elon Musk-founded company amassed another $6 billion from investors, according to CNN, which took the current market value of xAI to a whopping $24 billion.

The investors include Silicon Valley venture capitalists and a Saudi mogul who has also been a shareholder in former Twitter.

xAI in a blog post said Sunday: "Investors providing the second-round funding included Sequoia Capital, Andreesen Horowitz, and Prince Alwaleed Bin Talal."

The 52-year-old billionaire wrote on his X platform Monday regarding funding: “There will be more to announce in the coming weeks.”

Before the new investment, the startup was said to be valued at $18.

xAI further stated: “New money would be used to take the firm’s first products to market, build advanced infrastructure, and accelerate the research and development of future technologies.”

In another X post, CEO SpaceX and Tesla wrote urging a user to pour in money: “Join xAI if you believe in our mission of understanding the universe, which requires maximally rigorous pursuit of the truth, without regard to popularity or political correctness.”

The Race has been intensified since Microsoft-backed OpenAI’s ChatGPT made headlines in 2022 by introducting its human-like AI chatbot, the company where Musk wasa co-founder.