Elon Musk made headlines over Memorial Day Weekend when he announced that his new artificial intelligence startup xAI had raised $6 billion at an $18 billion pre-money valuation, pushing him past Bernard Arnault to reclaim the title of the world’s richest person. Musk’s net worth is estimated at $209.5 billion, surpassing Arnault’s $204.3 billion and Jeff Bezos’ $200 billion. xAI, known for its Grok chatbot, was launched by Musk last July to compete with OpenAI, a company he co-founded in 2015 but left in 2018. Musk has accused OpenAI of being “woke” and sued the company in March, claiming it has deviated from its original goal of developing open-source artificial general intelligence for the benefit of humanity.
Forbes estimates that Musk holds a 60% stake in xAI worth $14.4 billion following the recent fundraising round led by investors who also supported his takeover of Twitter. Musk’s fortune is primarily tied to his stakes in Tesla and SpaceX, which are valued at around $75 billion each. Additionally, Forbes values Musk’s majority stake in his social media company at $7 billion, significantly less than what he paid for it in 2022. Musk’s wealth has fluctuated due to Tesla’s stock performance and the rise of SpaceX shares, with Arnault briefly overtaking him in late January after a legal ruling regarding Tesla stock options granted to Musk in 2018. Shareholders are set to vote on the reapproval of these options in June, with SpaceX also planning a tender offer that could value the company at $200 billion.
Musk’s success with xAI highlights his ongoing commitment to advancing artificial intelligence and understanding the universe. In a tweet, Musk invited engineers to join xAI if they believe in the company’s mission of pursuing truth without concern for popularity or political correctness. The recent fundraise and release of an open-source version of Grok demonstrate xAI’s progress towards its goals. Musk’s other ventures, such as Tesla and SpaceX, continue to drive his wealth and influence in the tech industry, with SpaceX’s potential valuation increase signaling further growth for the company. As Musk consolidates his position as the world’s richest person, his dedication to innovation and disruptive technologies remains a key driver of his success and impact on the global economy.
Despite facing challenges and legal disputes, Musk’s entrepreneurial spirit and vision for the future have propelled him to the forefront of the business world. His ability to navigate complex industries and push boundaries in technology has solidified his reputation as a pioneer and innovator. As he continues to lead xAI and expand his influence in AI research, Musk’s contributions to the field are set to make a lasting impact on society. With his sights set on further advancements in AI and space exploration, Musk’s legacy as a trailblazer and visionary entrepreneur is bound to endure for years to come, shaping the way we interact with technology and the universe.
