OpenAI closes $40 billion funding round, largest private tech deal on record
OpenAI on Monday announced the close of its $40 billion financing, the most money raised in a single round by a private tech company.
The deal shows how Mr. Musk can play with different parts of his business empire. In this case, he folded a company that has been losing value, X, into one that has been gaining value, xAI. Mr. Musk made a similar maneuver in 2016 when he used stock of his electric car company, Tesla, to buy SolarCity, a clean energy company where he was the largest shareholder and his cousin Lyndon Rive was chief executive.