Musk launches new AI company xAI. It's a key building block towards his end game of creating X: the Everything App 🤯; The most active VCs in the current down market 🤑; Brutal layoffs at Binance 😨
FinTech is Eating the World, 17 July
Hey Everyone,
Happy Monday! I hope you managed to recharge over the weekend because we’re starting the new week strong 🦾 Today we're looking at Elon Musk’s new AI company xAI, which is a key building block towards his end game of creating the Everything App (what many are missing + a deeper dive in one of the most interesting FinTech ventures ever), the most active VCs in the current down market (who’s still writing checks + a bonus list of 2500+ investors that welcome cold outreach), and brutal layoffs at Binance (noise = signal?). Let’s jump straight into the fascinating stuff 🌶
Musk launches new AI company xAI. It's a key building block towards his end game of creating X: the Everything App 🤯
The BIG News 🗞 Elon Musk has recently launched his artificial intelligence company called xAI to challenge OpenAI and understand the true nature of the universe. 😳
The team at xAI is an all-star cast of some of the brightest individuals within the AI space. Masterminds from Google, Microsoft, and OpenAI are leading this project.
More on this 👉 In case you don't know, Elon was a co-founder of OpenAI. The company that built ChatGPT, a viral AI-powered chatbot that's taking the world by storm.
He left it in 2018 because of a disagreement with senior executives over the speed and nature of technological advancement.
In less than 5 years, he has announced his own AI company, whose primary goal is to rival ChatGPT and Google Bard.
In a few interviews, Elon said that while ChatGPT and Bard are focused on being politically correct, he will build a "truth-seeking AI." xAI therefore aims to become "TruthGPT" that provides true facts, without any political biases.
How and whether this can be achieved - remains to be seen. But it's an interesting goal nevertheless.
Impressive track record 🚀 xAI joins an impressive list of other companies that Elon Musk has started and/or invested in:
- PayPal PYPL 0.00%↑
- Tesla TSLA 0.00%↑
- SpaceX
- Neuralink
- Boring Company
- OpenAI
This means that Elon has averaged a multi-billion dollar company every ~5 years for 3 decades 🤯. Let that sink in…
Love him or hate him, but you cannot ignore him. His entrepreneurial spirit and innovative mind is second to none.
But here comes the interesting part…
✈️ THE TAKEAWAY
The BIG Picture 🌍 Many said that Elon is too late with his AI project, or that he’s having too many things on his plate already. But this is completely irrelevant as it ignores the big picture and the ultimate state of affairs here. And the big picture here is that xAI is a critical component of Elon Musk’s quest to create X, the Everything App. Here are the tools Elon now has at his disposal:
400 million Twitter accounts with years of text to train his AI agents on
Starlink satellite network, which can bring internet to all corners of the planet.
X.ai, which boasts a team of the top AI researchers on the planet.
Coupled with Tesla’s data and infrastructure, brilliant AI talent from Neuralink, and pretty much abundant capital (he’s the richest man in the world), Musk is slowly yet deliberately putting all the pieces together to what could define the future of the internet. Huge.
The beginnings of the most powerful FinTech company in the world 😳
The Everything App starts today: Twitter launches stock and crypto trading 💸 [+2 more reads]