The notable Saudi businessman Prince Alwaleed Bin Talal, alongside the Kingdom Holding Company (KHC), has heightened their support for Elon Musk by investing in the entrepreneur’s latest venture, xAI.
Recent disclosures on the xAI’s official site have revealed that the investment portfolio includes significant contributions from KHC’s chairman, as well as the company itself, which trades on the Saudi Tadawul stock exchange and is partially owned by Saudi Arabia’s sovereign Public Investment Fund, an entity that acquired over a billion-dollar stake in KHC in 2022.
Moreover, KHC’s investment reach extends internationally, holding a substantial position in Musk’s other business, X (formerly known as Twitter), which was appraised at nearly two billion dollars in late 2022 following Musk’s acquisition.
xAI stands at the forefront of pioneering advanced AI systems and has recently been valued at $24 billion after a funding round that attracted other major investors, including firms like Valor Equity Partners, Vy Capital, Andreessen Horowitz, Sequoia Capital, and Fidelity Management & Research Company.
The capital raised in this latest round is slated for deploying xAI’s inaugural products, constructing sophisticated infrastructure, and expediting the research and development of emergent technologies, according to the company’s blog.
With a hint of further developments, Musk teased on an X platform post, “There will be more to announce in the coming weeks,” following the announcement of the recent investment influx.