The world’s richest man wants more cash.

Tech magnate Elon Musk is in search of $1 billion to assist begin his new synthetic intelligence firm, xAI.

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

Folks 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 an advanced relationship with AI, saying in a single breath that it might carry humanity right into a golden period and one other that it might destroy human civilization.

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

“There have been simply a number of the world’s greatest AI engineers and scientists that had been keen to affix a startup, however they weren’t keen to affix a big, kind 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.