Elon Musk is the world’s richest person again thanks to a new startup

  • Elon Musk overtook Bernard Arnault as the richest person on Earth
  • It was all thanks to his AI company called xAI
  • Musk founded xAI to compete with ChatGPT creator OpenAI

Published on Jun 02, 2024 at 2:45 PM (UTC+4)
by Nalin Rawat

Last updated on Jun 02, 2024 at 2:45 PM (UTC+4)
Edited by Daksh Chaudhary

Elon Musk has become the world’s richest person thanks to his new AI startup.

This Memorial Day Weekend, the multi-billionaire announced how much money his new AI startup xAI had raised.

And that was enough to push Musk to the number one spot.

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Elon Musk launched xAI last July to compete with ChatGPT creator OpenAI.

The billionaire actually cofounded OpenAI in 2015 before leaving the company three years later.

Musk has even sued OpenAI alleging that its pursuit of profits has undermined its original mission.

After announcing the recent fundraiser in a press release, Musk’s wealth overtook French luxury goods tycoon Bernard Arnault.

Musk announced his new artificial intelligence startup xAI had raised $6 billion at an $18 billion pre-money valuation.

At the time of writing the article, Elon Musk has a net worth of $210.3 billion.

Even if he spends $1 million a day, it would still take him a couple hundred years to run out of cash.

Of course, most of his assets are not liquid so it’s not like he has $210.3 billion in hand.

With his current net worth, he is $8.4 billion ahead of Arnault, who is worth an estimated $201.9 billion.

Jeff Bezos comes in at third with a fortune estimated at $194.5 billion.

The xAI company, which was launched by Elon Musk, is best known for its Grok chatbot.

They have even released an open-source version of Grok.

It seems xAI has achieved OpenAI’s original mission of developing open-source artificial general intelligence that will benefit humanity.

In the end, more AI companies will lead to even better competition and better products for the people.

Despite your thoughts on Elon Musk becoming the richest person in the world, it is hard to deny his ongoing passion for the advancement of the human race.

Let’s hope we get to see even more AI products from xAI in the future that can compete with big AI companies like OpenAI.

# Tags - AI, Elon Musk, money, Tech


Nalin Rawat

Nalin started his career by working with various national newspapers in India. He has also worked as a writer/editor for many popular websites, while still pursuing his journalism and mass communication degree. Working as a digital nomad has allowed him to inform and educate through his work. When he is not writing, you can find him playing video games or travelling the mountains on his bike.