Billionaire Elon Musk’s AI startup, xAI, is reportedly launching a $300 million share sale that values the company at $113 billion.
The secondary stock offering, which comes after xAI acquired Musk’s social media platform, X, for $33 billion, will allow staff to sell shares to new investors. The tender offer will likely precede a larger investment round in which xAI will offer new equity to outside backers.
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