Xai, the AI startup for billionaire Elon Musk, is reportedly beginning a $300 million stake sale for $113 billion.
The Secondary Scholar offer comes after Xai acquires Musk's social media platform X for $33 billion, allowing staff to sell their shares to new investors. The tender offer could precede a larger investment round in which Xai provides new capital to external supporters.
As the Financial Times notes, while Xai is trying to raise additional cash, Musk is working to shift his attention from politics to his various companies. Tesla shares hit a six-month low in early March, but X has experienced many long stops. Meanwhile, Xai has repeatedly missed its own deadline to ship upgrades to its flagship AI model, Grok.