Musk is seeking investors to back his ChatGPT rival, Grok, which has entered a crowded AI chatbot marketplace.
Tech entrepreneur Elon Musk is seeking to raise up to $4 billion for his artificial intelligence (AI) startup xAI, the inventor of the X-linked AI chatbot Grok.
Select investors are reportedly being offered the chance to participate in funding rounds for the AI startup through special purpose vehicles (SPVs), according to an email sent to potential investors.
SPV structures allow different venture capital firms and individuals to invest together through a single entity. However, there are upfront fees of up to 5% and management fees and interest to be added on, according to reports.
