CosmicTaco

UAE's MGX in Talks to Invest in Elon Musk's XAI

CosmicTaco · 2024-11-03T11:28:42.090883+05:30

- MGX, an AI-focused investment firm backed by UAE, is in talks to invest in Elon Musk's XAI. - XAI, the maker of chatbot Grok, is discussing raising $5 billion at a $45 billion valuation. - This would be MGX's second investment in a large language model developer, following its investment in OpenAI. - MGX was launched by Mubadala, a $300 billion investment fund supported by the UAE capital of Abu Dhabi. - Other potential investors in the xAI round include Qatar Investment Authority and investors in Saudi Arabia. Source: [The Information](https://www.theinformation.com/briefings/uae-fund-mgx-has-held-talks-to-invest-in-musks-xai)

MGX, an AI-focused investment firm backed by UAE, is in talks to invest in Elon Musk's XAI.
XAI, the maker of chatbot Grok, is discussing raising $5 billion at a $45 billion valuation.
This would be MGX's second investment in a large language model developer, following its investment in OpenAI.
MGX was launched by Mubadala, a $300 billion investment fund supported by the UAE capital of Abu Dhabi.
Other potential investors in the xAI round include Qatar Investment Authority and investors in Saudi Arabia.

Source: The Information