Elon Musk's xAI Seeks to Raise $1 Billion Through Private Sale of Equity

According to CryptoPotato, Elon Musk's xAI is working on a new chatbot named Grok, which is designed to be quirky and have access to the Twitter API to stay current with events. Grok, still in beta, is currently only accessible to internal testers. However, a recent filing with the SEC reveals that Musk has secured external investments for the product and is seeking more. Musk faced accusations of improper financial behavior and insider trading of Dogecoin earlier this year, which he dismissed as frivolous and untrue. While it is unclear whether the sale of xAI assets will be crypto-related, the filing aims to prevent future legal battles, given the SEC's recent finicky behavior. Elon Musk filed an SEC Form D, notifying the regulatory body of his intent to raise $1 billion through the private sale of xAI equity. The assets are categorized as 'other technology,' avoiding the 'computers' and 'telecommunications' classifications. The form also states that over $134.6 million worth of equity was sold on November 29th, with any additional investments requiring a minimum of $2 million. The private sale of xAI equity may be the final step before the product becomes publicly available. This is a relatively quick turnaround, considering xAI was founded in July and its product has only been in beta for about three months. However, given Musk's access to resources and his previous experience with AI through his time on the board of OpenAI, Grok is expected to be a welcome addition to the growing list of AI chatbots.