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Tesla Considers $5 Billion Investment in xAI, Integrating Grok, Seeks Shareholder Approval
Jul 24, 2024, 12:41 AM
Tesla CEO Elon Musk has indicated that the company is considering using its capital to invest in xAI, an artificial intelligence venture. Musk stated that Tesla is learning from xAI and integrating its technology, including Grok, into Tesla's Full Self-Driving (FSD) system and new data center. He expressed support for a shareholder vote to approve a potential $5 billion investment out of Tesla's $30 billion cash reserves into xAI. The proposal has sparked mixed reactions among investors, with some supporting the move to enhance Tesla's AI capabilities, while others are skeptical about redirecting funds to Musk's private enterprise.
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