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On July 24, 2024
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Elon Musk launches an informal poll on X (formerly Twitter) to gauge public opinion on whether Tesla should invest $5 billion in his AI company, xAI. The poll has garnered significant attention and early votes are in favor of the investment.
In a characteristic move blending social media engagement with high-stakes business decisions, Elon Musk has taken to X (formerly Twitter) to propose a substantial investment by Tesla into his artificial intelligence venture, xAI. The tech mogul launched an informal poll asking his followers whether Tesla should invest $5 billion in xAI, potentially shaping the future direction of both companies 1.
The poll, which went live on March 23, 2024, presented a straightforward question to X users: "Should Tesla invest $5B in xAI?" 2. As of the latest reports, early votes were leaning in favor of the proposed investment, with approximately 80% of respondents supporting the idea 3.
xAI, founded by Musk in July 2023, aims to develop AI systems that can "understand the true nature of the universe" 4. The company has already made waves in the AI community with the release of its chatbot, Grok, which is designed to rival other AI models like ChatGPT.
If the investment were to proceed, it would mark a significant shift in Tesla's strategy, potentially aligning the electric vehicle manufacturer more closely with the rapidly evolving AI sector. However, this move has raised questions among industry analysts about the appropriateness of using social media polls for major corporate decisions 5.
The proposed investment also brings to light potential regulatory concerns. The U.S. Securities and Exchange Commission (SEC) has previously taken issue with Musk's use of social media to make Tesla-related announcements. This latest poll could potentially attract further scrutiny from regulators concerned about the impact of such informal methods on market dynamics and investor protection 1.
Musk's proposal comes at a time of intense competition and investment in the AI sector. With tech giants and startups alike pouring billions into AI research and development, Tesla's potential $5 billion investment in xAI could significantly alter the landscape of AI funding and development 4.
Reference
[1]
International Business Times
|Elon Musk Proposes $5B Tesla Investment In xAI Via Informal Poll On Social Media[2]
[4]
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