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Elon Musk's xAI to Close $5B Funding Round, Doubling Valuation to $50B for $44B Twitter Investors with 25% Shares
Nov 27, 2024, 06:23 PM
Elon Musk's AI company, xAI, is poised to close a $5 billion funding round, which will double its valuation to $50 billion within six months. Investors from Musk's $44 billion acquisition of Twitter, now known as X, will receive 25% of xAI shares. This arrangement is expected to provide substantial financial benefits to these investors, potentially offsetting unrealized losses from their initial investment in Twitter. The rapid increase in xAI's valuation has created a significant windfall for these backers, marking a notable development in the tech investment landscape.
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