Elon Musk’s AI startup, xAI, says investors should take a bet on the company because of its founder’s track record as an entrepreneur.
According to a pitch deck seen by Bloomberg, xAI was touting its access to Musk’s network of companies, which it called the “Muskonomy.”
The deck had been passed around to investors in December and January, per Bloomberg’s Monday report.
“xAI is led by a world-class entrepreneur in Musk with a demonstrated track record of building large cap market leaders, especially with deep tech/new frontier businesses that demand significant engineering expertise,” read one of the slides in the deck.
Musk has his hands full managing half a dozen companies.
Besides leading xAI, Musk is the CEO of the electrical vehicle manufacturer Tesla, and the rocket company SpaceX. In 2022, Musk bought the social media platform Twitter, which he later renamed X.
xAI said in its pitch deck that Tesla and X were its strategic partners and that both companies would provide it with training data.
The pitch deck also cited xAI rival’s OpenAI’s success as a draw factor for investors. Musk was a former OpenAI board member but resigned in 2018 over possible conflicts of interest with Tesla’s work on self-driving cars.
“OpenAI provides line of sight to xAI’s potential trajectory,” read one slide.
Musk unveiled xAI in July, saying in X post that the company’s goal was to “understand reality.” In November, the company launched its first AI chatbot, Grok.
Representatives for Musk did not immediately respond to a request for comment from Business Insider sent outside regular business hours.
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