Elon Musk's AI venture, xAI, is set to initiate a $300 million share sale, marking a valuation of $113 billion. This follows xAI's $33 billion acquisition of Musk's social platform, X. The secondary offering enables current employees to sell their stakes to new investors, potentially paving the way for a larger investment round. This fundraising effort comes amidst Musk's shift from political engagements and concerns over the performance of his companies, notably with Tesla shares dipping and xAI facing delays in delivering updates to its AI model, Grok.
xAI plans to launch a $300 million share sale, valuing the company at $113 billion, after acquiring Musk's X for $33 billion.
The tender offer will enable staff to sell shares to new investors and could precede a larger investment round offering new equity.
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