Cathie Wood’s ARK Invest has committed $60 million to Elon Musk’s xAI startup, demonstrating the firm's confidence in its potential amid a surge in AI investments.
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 (AI) startup.
On May 28, the company revealed the stake in xAI through an email to its clients. ARK Chief Futurist Brett Winton said it represents around 2% of the fund’s holdings, according to a report from Bloomberg. He said:
On May 10, X introduced AI-curated audiences, which allow advertisers to define target audiences while X’s AI generates relevant user pools.
