Elon Musk says Tesla board to discuss $5 billion xAI investment
- by Indiatimes on MSN.com
- Jul 25, 2024
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Last Updated: Jul 25, 2024, 11:11:00 PM IST
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Concern about conflicts have resurfaced as Musk has built out his latest startup. In April, he said Tesla was having to make special efforts to retain AI specialists, and that some had left the carmaker for xAI. And in June, Musk confirmed he diverted scarce AI chips from Tesla to X Corp. and xAI.
In the midst of those developments, xAI announced it had raised $6 billion in a funding round that valued the startup at around $18 billion. Sequoia Capital and Andreessen Horowitz were among the firms to take part in one of the biggest investments so far in generative AI.
Musk has asked Tesla investors to sign off on controversial deals before. Shareholders approved the carmaker acquiring SolarCity — the debt-laden solar-panel installer run by two of his cousins — in 2016.
The Tesla CEO expressed regret over the more than $2 billion bailout of SolarCity during a deposition taken over whether he improperly forced fellow directors to accept an overpriced deal. While Musk defeated those claims in 2022, the judge who decided the case faulted the billionaire for failing to properly remove himself from the transaction.
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