Elon Musk has publicly contradicted recent reports suggesting that his artificial intelligence (AI) company, xAI, had successfully secured $500 million in funding as part of its broader $1 billion investment objective. Musk dismissed a Bloomberg article, labeling it as misleading and inaccurate. Bloomberg's sources had indicated that ongoing valuation discussions for xAI were in the range of $15 billion to $20 billion. The report also hinted at negotiations between Musk and potential investors, exploring options related to computing power in addition to, or instead of, equity shares in xAI. Investors were encouraged to commit at least 25% of their X investment into xAI. XAI was launched in July 2023 as a venture separate from OpenAI, with Musk assuming the role of CEO. The company gained attention with the release of its proprietary product, Grok, an artificial intelligence assistant tool that rivals OpenAI's ChatGPT.