Cathie Wood's ARK Invest has purchased a $60 million stake in Elon Musk's AI startup, xAI. This marks another significant AI investment for ARK, following minor stakes in OpenAI and Anthropic.
ARK Invest, the investment management firm founded and led by veteran investor Cathie Wood, announced the acquisition of a stake in Elon Musk’s artificial intelligence startup.
This investment is another recent AI-related move by ARK Invest. Last month, the firm disclosed that 4% of its entire holdings are in OpenAI, the creator of ChatGPT, and 5% of its assets are in Anthropic, the company behind the Claude AI model. During the COVID-19 pandemic in 2021, Wood made headlines for her bullish investments in Tesla, another Musk-related company.xAI is the Musk's latest venture and was launched in March 2023 in a bid against major players in the AI space like OpenAI, Google and Microsoft.in a Series B funding round comprising major investors such as Andreessen Horowitz, Sequoia Capital, Fidelity Management & Research Company and Prince Alwaleed bin Talal and Kingdom Holding, among others.
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