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Elon Musk’s XAI reportedly sells stake to Oman

Published 18/12/2024, 12:32
© Reuters Elon Musk’s XAI reportedly sells stake to Oman
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Elon Musk’s artificial intelligence company has reportedly welcomed Oman as an investor.

According to the country’s state news agency, The Oman Investment Authority had bought a stake in xAI.

Taking a stake in xAI sees the sovereign wealth fund add to investments which also include Musk’s rocket company, SpaceX.

xAI last week raised $6 billion through a new funding round, which doubled its valuation to $50 billion within six months.

Valor Equity Partners, Sequoia Capital, and Qatar Investment Authority were reportedly among those to take part.

Funds were set to support the development of xAI’s flagship generative AI model, Grok, which is integrated into X (formerly Twitter) and other Musk-led companies like Tesla Inc (NASDAQ:TSLA).

Read more on Proactive Investors UK

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