Elon Musk raised $44 billion to buy Twitter (now called X) last year and now he wants to raise further money that will help him build the ideal ChatGPT rival and compete with OpenAI.
Latest filings suggest Musk is seeking $1 billion for his AI startup X.AI which already has four investors with a capital of $135 million raised so far, as per SEC filings of the company.
Musk has been vocal about the future of AI and even criticised the need to push AI chatbots so quickly without focusing on the repercussions of the technology.
Having said that, Musk’s X Corp has introduced Grok AI which is now available to the X Premium+ users and it is claimed that Grok AI is different from any other AI chatbot in the market. Musk has set up Grok to compete with another AI startup that he was involved in setting up called OpenAI. Coming back to the investment needed to rival ChatGPT, Musk will show his past credentials to sell the pitch to prospective investors and hope the money rings in to help him build for the future.
Musk has plenty on his plate these days, not more than the need for X to bring more advertisers on board and avoid getting caught in controversies which pulls brands like Apple out of the platform. AI is another incentive for the company to try and convince more people to put into the platform.
He has invested heavily to rebuild and rebrand Twitter to X and is now looking to take the platform beyond social media and into other avenues. Subscription is going to be a core focus for Musk and Co. who hope that the appeal of more premium features convinces people to buy its annual services.
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