Elon Musk seems to be contemplating whether or not his electrical automobile (EV) firm Tesla ought to make investments $5 billion in his synthetic intelligence (AI) startup, xAI.
On July 24, Musk polled his followers concerning the potential funding, with early outcomes displaying assist for the transfer. Nonetheless, Musk clarified that the survey was solely exploratory and any determination would require board and shareholder approval.
Musk stated:
“It wants board approval and a shareholder vote, so it's simply to check the waters.”
At press time, greater than 500,000 folks had taken half within the ballot, with round 69% voting in favor of the transfer.
In the meantime, the survey has raised considerations that Musk will divert Tesla's sources to different ventures. Nonetheless, throughout Tesla's July 23 earnings name, Musk dismissed these considerations. He emphasised that xAI can advance Tesla's self-driving capabilities and assist develop a brand new information heart. Musk additionally talked about alternatives to combine xAI's chatbot, Groka, with Tesla's software program.
Nonetheless, if the funding is authorised, it will considerably improve xAI's valuation to greater than $24 billion. The transfer would additionally give the AI startup sufficient funding to compete with leaders like OpenAI, Google, and Anthropic within the area of generative AI.
Tesla's Bitcoin holdings are unchanged
In parallel, the survey outcomes additionally revealed that Tesla's bitcoin holdings remained unchanged for the eighth consecutive quarter, with no purchases or gross sales between April and June 2024.
The report exhibits that the agency held $184 million value of digital belongings as of June 30. Nonetheless, Bitcoin Treasuries information locations Tesla because the third largest holder of Bitcoin on the earth, behind MicroStrategy and Marathon Digital. The electrical automotive maker holds 9,720 bitcoins value about $640 million at press time.
Tesla began its bitcoin journey in February 2021 by shopping for $1.5 billion value of bitcoins. Within the second quarter of 2022, she bought over 30,000 bitcoins for $936 million. Since then, Tesla has stored quiet about its Bitcoin holdings, regardless of calls from the group for extra purchases.
