ALBAWABA - Elon Musk, the American billionaire and CEO of Tesla, SpaceX, Neuralink, and The Boring Company said he wants Tesla to invest $5 billion in his new startup “xAI” if shareholders approve. Musk published a poll on social media platform “X” asking if Tesla should contribute in the investment.
Musk wants Tesla to invest in xAI
Musk posted an informal poll on “X” platform, asking if Tesla should invest in his new startup “xAI.” This poll was published after Tesla announced its financial results for 2024 second-quarter earnings. The company’s results showed some dropping revenue, consequently, Tesla's stocks fell more than 7% after the financial announcement.
Elon Musk supports the idea of Tesla investing in xAI (Shutterstock)
It is worth mentioning that Musk’s corporations always collaborated in previous investments and projects. SpaceX contributed in an advertisement campaign for Starlink Satellite Internet Services and The Boring Company is constructing tunnels at a Tesla’s factory, as reported by CNBC.
xAI is an artificial intelligence company that focuses on developing massive language models and AI software products. It was founded in March 2023 and it will be competing with Google, Microsoft, OpenAI, Meta, and other companies within the same industry.
Grok, the first xAI’s product, will offer a different user experience which was described before by Musk as: “politically incorrect and witty”, hinting that Grok will be unique and will not compete directly with chatbots like OpenAI’s ChatGPT, Google’s Bard, and Microsoft’s Bing.
Musk supports the idea of Tesla investing in xAI but he is waiting for the approval of Tesla shareholders. No official statements have been reported regarding this matter.
