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- Cathie Wood's Ark Investment Management had purchased a stake in xAI, Elon Musk's artificial intelligence startup with a post-money valuation of $24 billion, Bloomberg News reported on Tuesday.
The stake represents about 2% of the fund's holdings, according to Ark Chief Futurist Brett Winton in an interview to Bloomberg, which added that Ark Venture Fund revealed the stake in an email to clients.Musk's xAI announced on Monday it had raised $6 billion in series B funding, backed by investors including Andreessen Horowitz and Sequoia Capital.
The stake purchase comes after the venture fund disclosed a position in OpenAI accounting for about 4% of its holdings, according to the report, adding that Ark also has a stake in artificial intelligence startup Anthropic, that made up around 5% of its assets. Ark Investment Management did not immediately respond to a Reuters' request for comment, while xAI could not be reached for comment.It has been our privilege to have the trust and support of our East Coast communities for the last 200 years. Our SaltWire team is always watching out for the place we call home. Our 100 journalists strive to inform and improve our East Coast communities by delivering impartial, high-impact, local journalism that provokes thought and action.
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