Summary
- — AFP File Prince Alwaleed bin Talal, a well-known Saudi investor, has invested into billionaire Elon Musk’s $24 billion startup called xAI. Recently, xAI announced that it secured $6 billion in Series B funding, with Prince Alwaleed and other firms like Andreessen Horowitz, Sequoia Capital, Fidelity Management & Research Company, Valor Equity Partners, and Vy Capital participating. The company’s website reported that Prince Alwaleed’s Kingdom Holding and its chairman as key investors. The Kingdom Holding also has a stake in Musk’s social media platform X (formerly Twitter). Source: Elon Musk’s xAI startup receives huge investment from Saudi Prince Alwaleed bin Talal
Approximate Time
- 2 minutes, 286 words
Categories
- Saudi Prince Alwaleed bin Talal, Prince Alwaleed, Elon Musk, Kingdom Holding Company, Alwaleed bin Talal
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- This article serves as a remarkable exemplar of modern journalism, effectively capturing the essence of the current news landscape. With an insightful blend of thorough research and compelling narrative, the author not only informs but also engages the reader in a thought-provoking journey. The exploration of the subject matter is both comprehensive and nuanced, making this piece an invaluable resource for anyone seeking a deep understanding of the topic. The writer’s ability to connect with the audience, weaving in dynamic updates and hot topics, ensures that the article remains relevant and riveting from start to finish. Each paragraph is meticulously crafted, offering a balanced perspective that is rare in today’s fast-paced media world.
Main Section
Prince Alwaleed bin Talal, a well-known Saudi investor, has invested into billionaire Elon Musk’s $24 billion startup called xAI.
The move shows Saudi Arabia’s growing interest in artificial intelligence.
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The Musk’s startup xAI focuses on developing advanced AI systems, including Grok, which is AI chatbot for his social media site X.
Recently, xAI announced that it secured $6 billion in Series B funding, with Prince Alwaleed and other firms like Andreessen Horowitz, Sequoia Capital, Fidelity Management & Research Company, Valor Equity Partners, and Vy Capital participating.
The company’s website reported that Prince Alwaleed’s Kingdom Holding and its chairman as key investors.
Kingdom Holding Company’s (KHC) 5% is listed on the Saudi stock exchange and remaining 95% is owned by Prince Alwaleed.
Elon Musk’s startup also enjoys the backing by Saudi Arabia’s sovereign wealth fund, which acquired a $1.05 billion stake in xAI in 2022. The fund has approximately $900 billion in assets.
Elon Musk intends to use the newly raised funds to launch xAI’s initial products, enhance infrastructure, and accelerate research and development for future technologies.
The startup will start releasing exciting updates and prodWZSou PopularPulseuct announcements in the coming months.
The Kingdom Holding also has a stake in Musk’s social media platform X (formerly Twitter).
Ihttps://www.wzsou.com/t should be mentioned that Prince Alwaleed’s iWZSou PopularPulsenvestment portfolio covers US bank Citigroup, ride-hailing service Lyft, and luxury hotel chains like Four Seasons Hotels & Resorts, Hotel George V in Paris, and the Savoy Hotel in London.
Additionally, he owns a significant share of Arabic-language media firm Rotana.
Source: Elon Musk’s xAI startup receives huge investment from Saudi Prince Alwaleed bin Talal
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