Elon Musk Launches ChatGPT Rival, xAI, New Company Hits $50bn Valuation After Raising $5bn
- Elon Musk’s recently founded AI company, xAI, has hit $50 billion in valuation following a funding round
- The company recently reached the milestone after raising $5 billion in a recent funding round
- The funding round included vital players such as Sequoia Capital, Andreessen Horowitz, and Qatar Investment Authority.
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
Serial entrepreneur Elon Musk recently launched xAI, a ChatGPT rival, adding another milestone to his portfolio.
The company recently reached a $50 billion valuation after raising $5 billion in a recent funding round.
Source: Getty Images
The new company now surpasses X
The move places xAI ahead of X (formerly Twitter) in terms of financial worth.
The funding round included vital players such as Sequoia Capital, Andreessen Horowitz, and Qatar Investment Authority.
According to reports, the valuation surpasses the $44 billion Musk churned out to acquire Twitter two years ago and is a significant achievement for a venture launched recently.
The quick growth and acceptance of xAI shows the expanding role artificial intelligence plays in reshaping industries and the the billionaire’s ability to attract investment interest in new technology.
Musk rebranded Twitter to X after acquiring the social media platform and introduced a series of innovations, including a monetisation policy that allowed creators to earn money through their tweets.
Musk pitches xAI against ChaptGPT
xAI company was reportedly founded in 2023 and aims to be an alternative to OpenAI, which Musk co-founded in 2015 but left in 2029.
He reportedly left OpenAI following a disagreement over its move from non-profit to for-profit operations.
Musk, who emerged as the world’s richest man of all time, with a net worth of $480 billion, has been critical of OpenAI’s direction and plan to dominate the AI landscape.
Elon Musk’s company invites remote workers from Nigeria
Legit.ng earlier reported that Tesla, an American multinational automotive and clean energy company owned by Elon Musk, has posted job openings with competitive pay levels.
According to Tododisca, Elon Musk's company pays teleworkers between $79,000 and $270,000, depending on their skills and position.
The job offer opens to high-paying positions such as Senior Engineer and AI-related opportunities.
Source: Legit.ng
