Elon Musk’s AI Firm Seeks $1 Billion to Enter the ChatGPT Arena
Elon Musk raised $44 billion last year to buy Twitter (now called X), and now he wants to raise more money to help him build the ideal ChatGPT competitor and compete with OpenAI.
The latest filings suggest Musk is seeking $1 billion for his AI startup X.AI, which already has four investors with $135 million in capital raised to date, according to the company’s SEC filings.
Musk has been vocal about the future of AI, even criticizing the need to push AI chatbots so quickly without focusing on the impact of the technology.
Having said that, Musk’s X Corp has introduced Grok AI, which is now available to X Premium+ users, and Grok AI is claimed to be different from all other AI chatbots on the market. Musk has founded Grok to compete with another AI startup he co-founded. To get back to the investments ChatGPT needs to compete, Musk is showing his past to sell the pitch to potential investors and hoping the money will come calling to help him build the future.
Musk has a lot on his plate these days, none more so than X’s need to get more advertisers on board and avoid the kind of controversies that are pulling brands like Apple off the platform. Artificial intelligence is another incentive for the company to try to get more people to use the platform.
He has invested heavily in building and rebranding Twitter as X and is now looking to take the platform beyond social media and into other avenues. The order will be the main focus of Musk and Co. They hope that more premium features will entice people to buy its yearly services.
