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Elon Musk Endorses Investment in AI Crypto

Elon Musk has expressed his support for investing in cryptocurrency companies within the AI sector.

On Monday, Elon Musk, the CEO of Tesla and SpaceX, acknowledged the recent predictions made by venture capitalists who had previously shown optimism towards cryptocurrency and artificial intelligence. The insight came from a post by a user named Daniel on the X platform (formerly Twitter), sharing a meme that humorously depicted the shifting preferences of venture capitalists. The meme humorously stated, “I support the current thing.”

In response to the meme, Elon Musk affirmed the accuracy of this latest prediction, acknowledging that, in this case, “they’re right.” This acknowledgment aligns with Musk’s previous discussions on investor philosophy during a Spaces conversation with Cathie Wood, the CEO of ARK Investment Management, where he emphasized the value of having more allies in business, considering each investor as an ally.

Elon Musk’s extensive portfolio includes companies such as The Boring Co., Neuralink Corp., X (formerly Twitter), and xAI Corp. Notably, Musk emphasized his successful track record, boasting that he has never incurred losses for any investor in over 100 financing rounds across all his companies throughout the years.

In August 2023, it was reported that Neuralink, a company backed by Musk, secured a substantial $280 million in funding from Peter Thiel’s Founders Fund. This venture capital firm, linked to Musk through various investments, also supports other private companies, including SpaceX and The Boring Company.

While Elon Musk orchestrated a high-profile buyout of Twitter with a consortium of 19 investors, including Andreessen-Horowitz VC fund, Larry Ellison (Oracle founder), Sequoia Capital, and Ron Baron, the investment took a downturn a year later. Investors experienced a significant depreciation in their stakes, amounting to approximately $4.6 billion, highlighting the volatile nature of such endeavors.

Sources: AZC News

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