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Elon Musk's xAI launches a $300 million share resale, with a valuation of $113 billion.
PANews, June 3 – According to the Financial Times, xAI, founded by Elon Musk, is conducting a $300 million share resale transaction, raising the company's valuation to $113 billion. This transaction allows employees to sell their shares to new investors and may trigger a subsequent larger financing round. Previously, xAI completed a funding round at the end of 2023 with a valuation of $45 billion and acquired the social platform X (formerly Twitter) in March this year. Musk stated that he will focus on the development of xAI, X, and the key technology deployment for Tesla.