The world’s richest man wants extra money.

Tech magnate Elon Musk is on the lookout for $1 billion to assist begin his new synthetic intelligence firm, xAI.

The launch of xAI, which is able to doubtless be affiliated with Mr. Musk’s social media platform X, is shut. In keeping with a submitting with the Securities and Trade Fee, xAI has raised $135 million of its $1 billion purpose.

Individuals can already purchase shares within the firm, with the SEC submitting confirming that the corporate has a “binding and enforceable settlement” for the acquisition of remaining shares. The primary recorded sale of an xAI share was on Nov. 29.

Mr. Musk has had a sophisticated relationship with AI, saying in a single breath that it may carry humanity right into a golden period and one other that it may destroy human civilization.

It’s unclear what precisely Mr. Musk’s targets are with xAI apart from to interrupt into the burgeoning AI business. Tesla, the place Mr. Musk is CEO, has been working by itself AI expertise for its electrical autos. When requested on an earnings name why he would begin a brand new AI firm as an alternative of simply working with the established workforce at Tesla, he stated it was the one option to get new engineers.

“There have been simply a few of the world’s finest AI engineers and scientists that have been prepared to affix a startup, however they weren’t prepared to affix a big, type of comparatively established firm like Tesla,” he stated.

XAI may very well be one other income supply for X,  which is affected by an exodus of advertisers.