Elon Musk xAI files with SEC for private sale of $1B in unregistered securities
Elon Musk's X-linked artificial intelligence model xAI has agreed to a private sale of $865.3 million in unregistered equity securities, according to a filing with the United States Securities and Exchange Commission on December 5, 2010.
XAI has filed an SEC Form D to participate in the private sale of securities without registration. The form It is used to comply with Rule D of the Securities Act of 1933, which provides exemptions from the standard rules. On the form, Musk is listed as an executive and director.
The xAI Form D further explains that the securities will be sold to accredited investors subject to a restriction on resale pursuant to Rule 506(b). Form 134.7 million dollars such securities have already been sold and the first sale was made on November 29. So the company wants to collect 1 billion dollars.
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XAI's product, a chatbot called Grok, has yet to officially launch, although there is a waiting list to use the prototype. In the year In a post on November 4, the website described Grok as a “very early beta product”:
“Groc's unique and fundamental advantage is that it has real-time knowledge of the world through X. [formerly Twitter] platform. It also answers spicy questions that are rejected by most AI systems.
Musk announced the launch of xAI in July, saying its goal is to “understand the universe.” Grock claims it does better than ChatGPT and got into an online spat with Sam Altman, founder and CEO of OpenAI (creator of ChatGPT) in November. Musk was a co-founder of OpenAI but has since left the company.
CRYPTO BREAKING NEWS Elon Musk's AI Play, Filed for $1 Billion Equity Offering Investors need at least $2 million to participate, with about $135 million already sold. Check us out @ pic.twitter.com/HFEwXn9PpO
— InnovatekMobile (@Neome_com) December 5, 2023
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