Elon Musk Bets on AI with a Record Fundraising

As crypto investors and traders hustle to benefit from the current surge in Bitcoin prices, Elon Musk is taking a different approach. The billionaire, who aspires to colonize the moon, has decided to invest heavily in artificial intelligence. X AI, the company he founded for this purpose, has just launched an extraordinary fundraising round of 1 billion dollars. His goal? To revolutionize Artificial Intelligence. Let’s discuss it.

Elon Musk’s X AI Secures Investments to Revolutionize AI

A few weeks after launching his Chatbot Grok AI who aims to challenge ChatGPT, Elon Musk wants to take the bull that is AI by the horns. “X AI” is the name of the company just created by the CEO of Tesla. Is it a passion for technology or a hunger for returns?

By opening his artificial intelligence company X AI, Musk is certainly looking to benefit from the recent explosion of interest in AI-related investments. Indeed, since the launch of ChatGPT in November 2022, the interest in AI-related investments has skyrocketed.

The stock value of certain companies like Nvidia and certain tokens such as SingularityNET (AGIX) or Fetch.ai (FET) has almost increased tenfold. Clearly, the billionaire who called for a six-month pause on AI-related research is aiming high.

Elon Musk’s artificial intelligence startup xAI is set to raise $1 billion through an equity offering. That’s according to a filing with US regulators https://t.co/uVTqpg2q8w pic.twitter.com/HEksrvWPvX

— Reuters (@Reuters) December 6, 2023

Musk’s Interest in AI: What Consequences for Cryptos?

For now, Elon Musk has not yet raised the full billion dollars mentioned in the filing he submitted to the SEC. His stock sales currently amount to 134.7 million dollars. The company plans to soon sell another 865.3 million dollars worth of stock.

Nevertheless, Musk’s interest in AI raises questions about his future projects for cryptocurrencies. Why does the billionaire seem reluctant to get involved in the upcoming bullish season that is already foreshadowing in the crypto market? Knowing the havoc he wreaked on the crypto markets in 2021, one wonders why he would want to stay on the sidelines of the next crypto rally.

First, he acquires X (formerly Twitter), then creates X AI. The names of these companies alone indicate that the billionaire had his plan mapped out for a long time. The coming months will shed more light on the matter.