2 months ago
Elon Musk appears to beryllium considering whether his Electric Vehicle (EV) manufacturing company, Tesla, should put $5 cardinal successful his artificial quality (AI) startup, xAI.
On July 24, Musk polled his followers astir the imaginable investment, with aboriginal results showing enactment for the move. However, Musk clarified that the canvass was lone exploratory and immoderate determination would request committee and shareholder approval.
Musk said:
“Board support and shareholders ballot are needed, truthful this is conscionable to trial the waters.”
As of property time, much than 500,000 radical had participated successful the poll, with astir 69% voting successful favour of the move.
Meanwhile, this canvass has raised concerns astir Musk diverting Tesla’s resources to different ventures. Yet, during Tesla’s July 23 net call, Musk dismissed these worries. He emphasized that xAI could beforehand Tesla’s self-driving capabilities and assistance successful processing a caller information center. Musk besides mentioned opportunities to integrate xAI’s chatbot, Grok, with Tesla’s software.
However, if the concern gets approved, it would substantially summation xAI’s valuation to much than $24 billion. The determination would besides supply the AI startup capable backing to vie with leaders similar OpenAI, Google, and Anthropic successful the generative AI field.
Tesla’s Bitcoin holdings unchanged
In a parallel development, the net telephone besides revealed that Tesla’s Bitcoin holdings remained unchanged for the eighth consecutive quarter, with nary purchases oregon income betwixt April and June 2024.
The study shows the steadfast held $184 cardinal of integer assets arsenic of June 30. However, Bitcoin Treasuries data pegs Tesla arsenic the world’s third-largest Bitcoin holder, down MicroStrategy and Marathon Digital. The EV shaper holds 9,720 Bitcoin, valued astatine astir $640 cardinal astatine property time.
Tesla began its Bitcoin travel successful February 2021 by purchasing $1.5 cardinal worthy of Bitcoin. In the 2nd 4th of 2022, it sold implicit 30,000 Bitcoin for $936 million. Since then, Tesla has remained soundless astir its Bitcoin holdings contempt assemblage calls for much purchases.
The station Musk evaluates imaginable Tesla $5 cardinal xAI backing amid its dependable Bitcoin reserves appeared archetypal connected CryptoSlate.
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