Reported 4 months ago
Cathie Wood's Ark Investment Management has acquired a stake in Elon Musk's artificial intelligence startup xAI, signaling a belief in the transformative potential of the AI industry. The investment, disclosed by Wood's Ark Venture Fund, amounts to about 2% of the fund's holdings and follows previous investments in OpenAI and AI firm Anthropic. xAI recently raised $6 billion in funding and is seen as unique due to its access to real-time data and distribution network. Wood's fund, which launched in 2022, also holds positions in private companies like SpaceX, Epic Games, and Freenome Holdings, with private firms making up 80% of its total holdings.
Source: YAHOO