Elon Musk’s artificial intelligence company, xAI, is getting ready to launch a new app that people can use on their personal devices. This app is expected to work similarly to ChatGPT, which is a popular chatbot created by OpenAI. With this new app, users will be able to interact with xAI’s chatbot, named Grok, right from their smartphones or tablets.
The release of this app is likely to happen after xAI completes its next round of fundraising. This fundraising effort could bring in as much as $5 billion, which would increase the company’s total value to around $50 billion. This is significant because it’s double the value that xAI had just six months ago.
To show appreciation to the investors who supported his purchase of Twitter for $44 billion, Musk has offered them a stake in xAI. Specifically, these investors will receive shares that could amount to 25% of the company. Some of these investors include well-known figures like Fidelity, Larry Ellison (who co-founded Oracle), and Jack Dorsey (the founder of Twitter). Thanks to the rapid increase in xAI’s value, these investors could potentially recover their investments through their shares in the company.
Once this new funding round is finalized, xAI will have raised a total of about $11 billion. This significant amount of money will help the company grow and develop its products further.
