{"id":15497,"date":"2024-07-24T14:46:21","date_gmt":"2024-07-24T11:46:21","guid":{"rendered":"https:\/\/forklog.com\/en\/elon-musk-proposes-5-billion-investment-in-xai-from-tesla\/"},"modified":"2024-07-24T14:46:21","modified_gmt":"2024-07-24T11:46:21","slug":"elon-musk-proposes-5-billion-investment-in-xai-from-tesla","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/elon-musk-proposes-5-billion-investment-in-xai-from-tesla\/","title":{"rendered":"Elon Musk Proposes $5 Billion Investment in xAI from Tesla"},"content":{"rendered":"<div class=\"wp-block-text-wrappers-keypoints article_keypoints\">\n<ul class=\"wp-block-list\">\n<li>Elon Musk has proposed that Tesla invest $5 billion in xAI.<\/li>\n<li>Tesla earned $1.5 billion in the second quarter of 2024.<\/li>\n<li>The electric car manufacturer holds 9720 BTC valued at $785.7 million.<\/li>\n<\/ul>\n<\/div>\n<p>Elon Musk published a poll on X, suggesting that Tesla invest $5 billion in his AI startup xAI, with the valuation set by credible and independent investors.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Should Tesla invest $5B into <a href=\"https:\/\/twitter.com\/xai?ref_src=twsrc%5Etfw\">@xAI<\/a>, assuming the valuation is set by several credible outside investors?<\/p>\n<p>(Board approval &#038; shareholder vote are needed, so this is just to test the waters)<\/p>\n<p>\u2014 Elon Musk (@elonmusk) <a href=\"https:\/\/twitter.com\/elonmusk\/status\/1815907844434112999?ref_src=twsrc%5Etfw\">July 24, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>So far, 635,670 people have voted, with 68.7% supporting the idea. Musk noted in the post that such a decision requires board approval and a shareholder vote.<\/p>\n<p>The poll was published in the context of Tesla&#8217;s financial <a href=\"https:\/\/digitalassets.tesla.com\/tesla-contents\/image\/upload\/IR\/TSLA-Q2-2024-Update.pdf\">report<\/a> for the second quarter. The company reported its lowest profit in five years due to price cuts, weak sales, and increased spending on AI projects.<\/p>\n<h2 class=\"wp-block-heading\"><strong>Tesla&#8217;s Second Quarter Report<\/strong><\/h2>\n<p>Tesla earned $1.5 billion on revenue of $25.5 billion from April to June. In the second quarter of 2023, the figures were $2.7 billion and $24.9 billion, respectively. The company&#8217;s shares fell by 7.3% following the report&#8217;s release.<\/p>\n<p>During the earnings call, shareholders asked Musk whether Tesla could invest in xAI and integrate Grok AI into vehicles, as noted by <a href=\"https:\/\/www.cnbc.com\/2024\/07\/24\/elon-musk-wants-tesla-to-invest-5-billion-into-his-newest-startup-xai-if-shareholders-approve.html\">CNBC<\/a>.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cTesla learns a lot from xAI. It has really helped in advancing full self-driving and creating the company&#8217;s new data centre. As for investing in xAI, I think we need shareholder approval. But I certainly support the idea if shareholders do,\u201d the billionaire responded.<\/p>\n<\/blockquote>\n<h2 class=\"wp-block-heading\"><strong>Tesla Holds Bitcoin<\/strong><\/h2>\n<p>The financial report states that the electric vehicle manufacturer continues to hold bitcoin worth $184 million at book value.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXchzD1qXZ4gSNyOkF25jMwdRuFSZF0nvGG7-haZtOmiiBsfBQJxNTWD1P89tBPBTp3rER4gf1-0pJKSfgzMV7wbYt2_Nw7L5oo3HAvgPRoSsnlW1Wc9ew77btT2bh9UUKYkU8XhXZvByVEqDdvj6KUlXM96?key=wEoyuhBIOnxUix7YT2RUTg\" alt=\"Elon Musk Proposes $5 Billion Investment in xAI from Tesla\"\/><figcaption class=\"wp-element-caption\">Tesla&#8217;s cryptocurrency assets. Source: Tesla financial report.<\/figcaption><\/figure>\n<p>According to <a href=\"https:\/\/bitcointreasuries.net\/\">BitcoinTreasuries<\/a>, the company holds 9720 BTC, with a market value of $785.7 million.<\/p>\n<p>In April, analysts at Arkham Intelligence <a href=\"https:\/\/u1f987.com\/en\/news\/arkham-intelligence-reveals-bitcoin-holdings-of-spacex-and-tesla\">reported<\/a> tracking Tesla&#8217;s crypto wallets. They found 11,509 BTC stored across 68 addresses.<\/p>\n<p>In February 2021, it was revealed that the company invested $1.5 billion in bitcoin. Elon Musk described these investments as \u201cfairly risky.\u201d<\/p>\n<p>In the spring of 2021, Tesla began selling its electric cars for digital gold but later abandoned this option.<\/p>\n<p>By the end of the second quarter of 2022, the company had converted approximately 75% of its cryptocurrency into fiat, yielding $936 million.<\/p>\n<p>In June 2024, Tesla shareholders filed a lawsuit against CEO Elon Musk and the board over the billionaire&#8217;s decision to establish xAI.<\/p>\n<p>Previously, the entrepreneur stated that Optimus robots would raise the electric vehicle manufacturer&#8217;s market cap to $25 trillion.<\/p>\n<p>In April, Musk&#8217;s AI startup <a href=\"https:\/\/u1f987.com\/en\/news\/elon-musks-xai-secures-6-billion-in-funding-with-social-network-x-as-a-shareholder\">secured<\/a> $6 billion in funding with a preliminary valuation of $18 billion.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Elon Musk has proposed that Tesla invest $5 billion in xAI. Tesla earned $1.5 billion in the second quarter of 2024. The electric car manufacturer holds 9720 BTC valued at $785.7 million. Elon Musk published a poll on X, suggesting that Tesla invest $5 billion in his AI startup xAI, with the valuation set by [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":15496,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[438,1217,1150,1319],"class_list":["post-15497","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-artificial-intelligence","tag-elon-musk","tag-news-plus","tag-tesla"],"aioseo_notices":[],"amp_enabled":true,"views":"25","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/15497","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=15497"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/15497\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/15496"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=15497"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=15497"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=15497"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}