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Elon Musk seems to be contemplating whether or not his Electrical Automobile (EV) manufacturing firm, Tesla, ought to make investments $5 billion in his synthetic intelligence (AI) startup, xAI.
On July 24, Musk polled his followers in regards to the potential funding, with early outcomes displaying assist for the transfer. Nevertheless, Musk clarified that the ballot was solely exploratory and any determination would wish board and shareholder approval.
Musk stated:
“Board approval and shareholders vote are wanted, so that is simply to check the waters.”
As of press time, greater than 500,000 individuals had participated within the ballot, with round 69% voting in favor of the transfer.
In the meantime, this ballot has raised issues about Musk diverting Tesla’s assets to different ventures. But, throughout Tesla’s July 23 earnings name, Musk dismissed these worries. He emphasised that xAI might advance Tesla’s self-driving capabilities and support in creating a brand new information heart. Musk additionally talked about alternatives to combine xAI’s chatbot, Grok, with Tesla’s software program.
Nevertheless, if the funding will get authorised, it will considerably improve xAI’s valuation to greater than $24 billion. The transfer would additionally present the AI startup satisfactory funding to compete with leaders like OpenAI, Google, and Anthropic within the generative AI subject.
Tesla’s Bitcoin holdings unchanged
In a parallel improvement, the earnings name 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 reveals the agency held $184 million of digital belongings as of June 30. Nevertheless, Bitcoin Treasuries information pegs Tesla because the world’s third-largest Bitcoin holder, behind MicroStrategy and Marathon Digital. The EV producer holds 9,720 Bitcoin, valued at about $640 million at press time.
Tesla started its Bitcoin journey in February 2021 by buying $1.5 billion price of Bitcoin. Within the second quarter of 2022, it bought over 30,000 Bitcoin for $936 million. Since then, Tesla has remained silent about its Bitcoin holdings regardless of neighborhood requires extra purchases.