Elon Musk is reportedly seeking an investment from Tesla Inc (NASDAQ:TSLA) in his AI startup xAI. Musk plans to hold a shareholder vote at Tesla to decide whether the electric vehicle maker should invest in xAI, the company behind the Grok chatbot, which has already been integrated in beta form into Tesla vehicles.
“If it was up to me, Tesla would have invested in xAI long ago,” Musk had said on X.
Tesla (TSLA) does not have any plans to acquire CEO Elon Musk's artificial intelligence startup xAI, but the electric vehicle maker could invest in the company, Musk said over the weekend.
The billionaire entrepreneur said Tesla shareholders would vote on investing in xAI as he seeks to tap his own companies to help fund his artificial-intelligence startup.
Elon Musk said Tesla Inc. shareholders will vote on whether to invest in xAI in response to an account on X that said the carmaker must be able to invest in xAI to be fair to Tesla retail investors. Tom Mackenzie reports on Bloomberg Television.
Tesla Inc (NASDAQ:TSLA) has lost its position as the UK's leading electric vehicle (EV) maker, a trend echoed across Europe where sales are in decline amid a backlash against CEO Elon Musk. Chinese EV manufacturers now dominate the UK market, accounting for 30% of all Chinese electric models sold across Europe, according to a Reuters report.
Elon Musk on Monday said he does not support a merger between xAI and Tesla. On X, Musk suggested that Tesla plans to ask shareholders whether Tesla should invest in xAI, however.
Billionaire Elon Musk said in a Monday post on X he does not support a merger between Tesla and his artificial intelligence startup xAI.
Analysts at J.P. Morgan are bearish on several high-profile stocks.
Elon Musk said Tesla will hold a shareholder vote on whether to invest in xAI. Musk said in March that xAI was valued at $80 billion.
Tesla investors have to follow what's going on at CEO Elon Musk's other companies. as Musk, himself, is a fundamental factor to be tracked.
Tesla's current valuation isn't justified by traditional metrics, but its potential as an AI, robotics, and energy company is unmatched. The robotaxi and autonomous vehicle market could drive Tesla's valuation to $900B alone, thanks to its vertically integrated stack and cost advantages. Optimus robotics and other moonshot projects could add $300B+ in value, with further upside from energy, insurance, and software businesses.