Elon Musk Denies Bloomberg's Report: Tokens Are Falling!

Elon Musk has denied Bloomberg's claim of xAI funding, calling it "fake news." This, in turn, has led to controversy over the accuracy of AI investment reports. On the other hand, tokens inspired by 'xAI' have seen drops of up to 30%.

Elon Musk denies Bloomberg's xAI funding report

A recent Bloomberg report claimed that artificial intelligence company xAI has received $500 million in commitments from investors. Notably, the report recommended a high funding target of $1 billion, with a potential valuation of between $15 billion and $20 billion. Tesla CEO Elon Musk, the name behind the company, disputed this news. Musk vehemently denied the report, calling it "fake news." Thus, it started a new wave of controversy. Meanwhile, conflicting narratives have sparked intrigue in the tech and AI communities. He questioned the accuracy of the reported financial milestones for xAI. This development has had a negative impact on tokens that use the XAI name. The tokens have seen their value drop by as much as 30%. The price of XAI (X) fell by 30%, while XAI Corp (XAI) lost 13% of its value.

Meanwhile, the Tesla and SpaceX CEO declared the news "fake," contradicting Bloomberg's detailed explanation of the ongoing talks regarding xAI's funding and potential valuation. Elon Musk's swift denial, in particular, underscores the variability of information dissemination in the tech world. It also raises questions about the accuracy of financial reports in the AI sector. In addition, Bloomberg's report shows that xAI's valuation discussions are ongoing. The report suggests that it ranges from $15 billion to $20 billion. As you may have seen from Kriptokoin.com**, Elon Musk founded xAI as an alternative to OpenAI last year. Musk's challenge to the narrative has added another layer of uncertainty to the burgeoning landscape of AI investments.

xAI funding round: Musk's contradiction and Bloomberg's claim

There are conflicting accounts between Bloomberg's report and Elon Musk's denial. This poses an interesting dilemma in the artificial intelligence (AI) funding saga. According to Bloomberg's sources, talks were ongoing for xAI to provide a $500 million commitment and move towards a high funding goal of $1 billion. In addition, a potential valuation of $15 billion to $20 billion has added fuel to the speculative fire.

However, Elon Musk's statement contradicts Bloomberg's detailed statement. This has left the technology and investment circles in limbo. The report also discusses the intricacies of xAI's funding structure. He points to Musk's statement in November that equity investors in X will own 25% of xAI. Notably, ongoing discussions with investors and claims about potential terms that will be finalized in the coming weeks put a spotlight on the evolving narrative of xAI's financial journey.

As conflicting reports continue to circulate, the tech industry is waiting for official statements from Elon Musk or xAI. That is why it remains on high alert. The AI startup's role in challenging Big Tech's AI efforts, combined with Musk's history of outspokenness on social media, adds an intriguing layer to the unfolding drama surrounding xAI's reported funding and valuation.

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