Elon Musk’s xAI is launching a $300mn share sale that values the group at $113bn, as the world’s richest man returns to his business empire and the race to develop artificial intelligence.
The deal will allow staff to sell shares to new investors, according to people close to the situation, validating the pricetag struck when Musk’s xAI start-up acquired his social media service X in March.
The secondary stock offering, known as a tender offer, is expected to be followed by a larger investment round in which the company will offer new equity to outside investors, one of the people said.
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