Elon Musk’s XAI Holdings is in discussions with investors to raise approximately $20 billion to support its newly combined artificial intelligence startup and social media business, Bloomberg News reported on Friday, citing sources familiar with the matter.
The funding effort comes as Musk aims to merge his ventures in artificial intelligence and social media, potentially creating a powerful entity in the rapidly evolving tech industry. Details about the investors involved or the timeline for completing the fundraising were not disclosed.
Musk’s XAI Holdings was launched earlier with the goal of creating advanced AI technologies. The integration of social media operations suggests a strategy to leverage AI to enhance user experiences and content moderation on Musk’s social media platforms.
The initiative is part of Musk’s broader efforts to compete with major players in the AI sector, positioning his company at the forefront of technological innovation while expanding its influence across digital platforms.
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