Elon Musk-Backed X.AI Seeks to Raise Up to $1 Billion in Equity Offering🔥
X.AI Corp., supported by Tesla CEO and Twitter owner Elon Musk, aims to raise up to $1 billion in an equity securities offering, according to a filing with the U.S. Securities and Exchange Commission (SEC). The company has already sold $134.7 million of these securities, leaving $865.3 million still available for investors. The minimum investment required from any external investor is $2 million.
Musk is listed as an executive officer and director of X.AI, alongside Jared Birchall, a former executive at Goldman Sachs, Merrill Lynch, and Morgan Stanley, who manages Musk's family office. This follows Musk's merger of Twitter into X Corp. and the establishment of X.AI as an artificial intelligence startup in April 2023. Musk founded X.AI to explore and understand the universe.