xAI under Musk launches the sale of 300 million US dollars' worth of shares

xAI, owned by Musk, launches $300 million share sale

xAI, the artificial intelligence company owned by Elon Musk, is conducting a share sale worth $300 million, valuing the company at $113 billion. The world's richest man is returning to his business empire and participating in the artificial intelligence development race. People familiar with the matter said the deal would allow xAI employees to sell shares to new investors and confirmed the valuation reached when the xAI startup acquired Musk's social media service X in March. The people familiar with the matter said the share sale is taking place on the secondary market, a "tender offer", and a larger fundraising round is expected later, when xAI will issue new shares to outside investors. The acquisition in March valued the entire group at $113 billion: xAI was valued at $80 billion and X at $33 billion.

—— Financial Times

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