Cathie Wood’s Ark buys stake in Musk’s xAI, Bloomberg News reports
Cathie Wood’s Ark Investment Administration had bought a stake in xAI, Elon Musk’s synthetic intelligence startup with a put up-money valuation of $24 billion, Bloomberg News reported on Tuesday.
The stake represents about 2 per cent of the fund’s holdings, according to Ark Chief Futurist Brett Winton in an interview to Bloomberg, which added that Ark Enterprise Fund printed the stake in an email to possibilities.
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Musk’s xAI equipped on Monday it had raised $6 billion in collection B funding, backed by investors including Andreessen Horowitz and Sequoia Capital.
The stake buy comes after the endeavor fund disclosed a discipline in OpenAI accounting for approximately 4 per cent of its holdings, according to the epic, adding that Ark furthermore has a stake in synthetic intelligence startup Anthropic, that made up around 5 per cent of its sources.
Ark Investment Administration did not without delay retort to a Reuters’ demand for comment, while xAI is maybe now not reached for comment.
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Source: Reuters
