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Elon Musk’s xAI doubles valuation after $5 billion funding round
Jacqueline Choi
November 22, 2024
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What's in this week's issue?
💸 Elon Musk’s xAI doubles valuation after $5 billion funding round
😲 OpenAI accidentally erases potential evidence in training data lawsuit
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Elon Musk’s AI startup xAI has reportedly reached a $50 billion valuation, following a funding round that secured $5 billion for the company.
As reported in the Wall Street Journal, the most recent financial backing brings the total amount raised by xAI this year to $11 billion, with several prominent participants including the Qatar Investment Authority, Andreessen Horowitz, Valor Equity Partners, and Sequoia Capital.
The $50 billion valuation doubles the firm’s previous status, estimated at $24 billion after the $6 billion funding round in spring. xAI is said to be intent on acquiring a further 100,000 Nvidia chips to evolve the training of its AI models.
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In a stunning misstep, OpenAI engineers accidentally erased critical evidence gathered by The New York Times and other major newspapers in their lawsuit over AI training data, according to a court filing Wednesday.
The newspapers’ legal teams had spent over 150 hours searching through OpenAI’s AI training data to find instances where their news articles were included, the filing claims. But it doesn’t explain how this mistake occurred or what precisely the data included.
While the filing says OpenAI admitted to the error and tried to recover the data, what it managed to salvage was incomplete and unreliable — so what was recovered cannot help properly trace how the news organizations’ articles were used in building OpenAI’s AI models.
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