Elon Musk's AI venture, xAI, has secured a whopping $6 billion in a series B funding round, boosting its valuation to $24 billion. This milestone comes less than a year after the company's launch. The funds will be used to further the development of its AI systems and launch its first product. Despite being a newcomer, xAI has big plans, with Musk hinting at the possibility of it becoming a competitor to OpenAI's ChatGPT by the end of the year. The company's first AI chatbot, Grok-1, was released last November, with an updated version, Grok-1.5, introduced in April.