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Home»TRADING NEWS»Elon Musk’s xAI Files Record of Private Sale of $1 Billion in Unregistered Securities
TRADING NEWS

Elon Musk’s xAI Files Record of Private Sale of $1 Billion in Unregistered Securities

By Crypto FlexsDecember 11, 20232 Mins Read
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Elon Musk’s xAI Files Record of Private Sale of  Billion in Unregistered Securities
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Elon Musk’s artificial intelligence modeler xAI has entered into a private sale agreement worth $865.3 million in unregistered equity securities, according to an SEC filing.

Regulatory Submission Details Private Sale Terms

A filing with the U.S. Securities and Exchange Commission (SEC) states that xAI intends to engage in a private sale of securities without registration utilizing Form D to comply with the exemption provided by Regulation D of the Securities Act of 1933. Elon Musk is listed as an executive and director of xAI.

Accredited Investor and Resale Restrictions

Form D states that the securities will be sold to accredited investors subject to resale restrictions under Rule 506(b). $134.7 million worth of those securities have already been sold, with the first sale taking place on November 29, according to the filing. The company is targeting $1 billion in total funding.

Introducing Grok: Chatbot by xAI

xAI’s product, a chatbot called Grok, hasn’t been released publicly, but there’s a waiting list for a prototype. Grok is described on the company’s website as a “very early beta product” and emphasizes real-time knowledge of the world through the X platform. In particular, it is designed to answer unconventional or “spicy” questions that other AI systems reject.

xAI’s journey and Musk’s vision

When Elon Musk announced the launch of xAI in July, he said the goal was to “understand the universe.” Musk claimed that Grok would surpass ChatGPT, which led to an online dispute with OpenAI co-founder and CEO Sam Altman in November. Musk, a co-founder of OpenAI, previously left the company.

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