Latest news with #US5
The Age
a day ago
- Automotive
- The Age
Elon Musk looks to raid his empire for billions
What does an entrepreneur do when he has one company that is bleeding cash and another sitting on a pile of it? He, of course, shifts cash from one to the other. It gets more complicated when the company that has the cash is listed and the one that needs it isn't, which is why Elon Musk says that he will seek shareholder approval for his privately-owned artificial intelligence business, xAI, to access to $US37 billion ($56 billion) of cash and near-cash sitting within his listed electric vehicle and humanoid robot entity, Tesla. How much of that cash does he have his eye one? Last year Musk asked the users on his social media platform, X (which merged with xAI earlier this year), whether Tesla should invest $US5 billion in xAI. About two-thirds of the respondents were in favour of investing. Whether Tesla's investors would share that view is another question. Their company has its own issues, notably plunging sales due partly to Musk's politicisation of the Tesla brand after his stint heading the controversial Department of Government Efficiency in the Trump administration and his subsequent falling out with Donald Trump, but also because Tesla's vehicles are being challenged by cheaper and more sophisticated EVs from China and Europe and even other US manufacturers. Tesla's sales in the June quarter slumped 13 per cent – it produced about 60,000 fewer vehicles in the quarter than for the same period last year. Loading The company is also facing the withdrawal by the Trump administration of tax credits for EVs, worth up to $US75000 per vehicle, that have helped support Tesla's sales in US, while also withdrawing carbon credits whose sale to other companies to help them meet emissions requirements has been a very significant source of revenue for Tesla. Musk seems unconcerned about the downturn in sales, although he's more than antsy about the withdrawals of tax incentives. He's adamant that the future of Tesla is in robotaxis and robots, although Tesla has only recently started on-road, heavily controlled, trials of its robotaxis.
Sydney Morning Herald
a day ago
- Automotive
- Sydney Morning Herald
Elon Musk looks to raid his empire for billions
What does an entrepreneur do when he has one company that is bleeding cash and another sitting on a pile of it? He, of course, shifts cash from one to the other. It gets more complicated when the company that has the cash is listed and the one that needs it isn't, which is why Elon Musk says that he will seek shareholder approval for his privately-owned artificial intelligence business, xAI, to access to $US37 billion ($56 billion) of cash and near-cash sitting within his listed electric vehicle and humanoid robot entity, Tesla. How much of that cash does he have his eye one? Last year Musk asked the users on his social media platform, X (which merged with xAI earlier this year), whether Tesla should invest $US5 billion in xAI. About two-thirds of the respondents were in favour of investing. Whether Tesla's investors would share that view is another question. Their company has its own issues, notably plunging sales due partly to Musk's politicisation of the Tesla brand after his stint heading the controversial Department of Government Efficiency in the Trump administration and his subsequent falling out with Donald Trump, but also because Tesla's vehicles are being challenged by cheaper and more sophisticated EVs from China and Europe and even other US manufacturers. Tesla's sales in the June quarter slumped 13 per cent – it produced about 60,000 fewer vehicles in the quarter than for the same period last year. Loading The company is also facing the withdrawal by the Trump administration of tax credits for EVs, worth up to $US75000 per vehicle, that have helped support Tesla's sales in US, while also withdrawing carbon credits whose sale to other companies to help them meet emissions requirements has been a very significant source of revenue for Tesla. Musk seems unconcerned about the downturn in sales, although he's more than antsy about the withdrawals of tax incentives. He's adamant that the future of Tesla is in robotaxis and robots, although Tesla has only recently started on-road, heavily controlled, trials of its robotaxis.
The Advertiser
3 days ago
- Business
- The Advertiser
SpaceX to invest $2 billion in Musk's xAI startup
SpaceX has committed $US2 billion ($A3 billion) to xAI as part of a $US5 billion equity round as Elon Musk's artificial intelligence startup races to compete with rival OpenAI, the Wall Street Journal reports. The investment follows xAI's merger with X and values the combined company at $US113 billion ($A172 billion), with the Grok chatbot now powering Starlink support and eyed for future integration into Tesla's Optimus robots, the report said. In response to a post on X about whether Tesla could also invest in xAI, Elon Musk said on Sunday "it would be great, but subject to board and shareholder approval" - without confirming or denying the Journal report on SpaceX's investment plans in xAI. SpaceX, xAI and Tesla did not immediately respond to requests for comment. Reuters could not immediately confirm the newspaper report. Despite recent controversies involving Grok's responses, Musk has called it "the smartest AI in the world" and xAI continues to spend heavily on model training and infrastructure. SpaceX has committed $US2 billion ($A3 billion) to xAI as part of a $US5 billion equity round as Elon Musk's artificial intelligence startup races to compete with rival OpenAI, the Wall Street Journal reports. The investment follows xAI's merger with X and values the combined company at $US113 billion ($A172 billion), with the Grok chatbot now powering Starlink support and eyed for future integration into Tesla's Optimus robots, the report said. In response to a post on X about whether Tesla could also invest in xAI, Elon Musk said on Sunday "it would be great, but subject to board and shareholder approval" - without confirming or denying the Journal report on SpaceX's investment plans in xAI. SpaceX, xAI and Tesla did not immediately respond to requests for comment. Reuters could not immediately confirm the newspaper report. Despite recent controversies involving Grok's responses, Musk has called it "the smartest AI in the world" and xAI continues to spend heavily on model training and infrastructure. SpaceX has committed $US2 billion ($A3 billion) to xAI as part of a $US5 billion equity round as Elon Musk's artificial intelligence startup races to compete with rival OpenAI, the Wall Street Journal reports. The investment follows xAI's merger with X and values the combined company at $US113 billion ($A172 billion), with the Grok chatbot now powering Starlink support and eyed for future integration into Tesla's Optimus robots, the report said. In response to a post on X about whether Tesla could also invest in xAI, Elon Musk said on Sunday "it would be great, but subject to board and shareholder approval" - without confirming or denying the Journal report on SpaceX's investment plans in xAI. SpaceX, xAI and Tesla did not immediately respond to requests for comment. Reuters could not immediately confirm the newspaper report. Despite recent controversies involving Grok's responses, Musk has called it "the smartest AI in the world" and xAI continues to spend heavily on model training and infrastructure. SpaceX has committed $US2 billion ($A3 billion) to xAI as part of a $US5 billion equity round as Elon Musk's artificial intelligence startup races to compete with rival OpenAI, the Wall Street Journal reports. The investment follows xAI's merger with X and values the combined company at $US113 billion ($A172 billion), with the Grok chatbot now powering Starlink support and eyed for future integration into Tesla's Optimus robots, the report said. In response to a post on X about whether Tesla could also invest in xAI, Elon Musk said on Sunday "it would be great, but subject to board and shareholder approval" - without confirming or denying the Journal report on SpaceX's investment plans in xAI. SpaceX, xAI and Tesla did not immediately respond to requests for comment. Reuters could not immediately confirm the newspaper report. Despite recent controversies involving Grok's responses, Musk has called it "the smartest AI in the world" and xAI continues to spend heavily on model training and infrastructure.
Perth Now
3 days ago
- Business
- Perth Now
SpaceX to invest $2 billion in Musk's xAI startup
SpaceX has committed $US2 billion ($A3 billion) to xAI as part of a $US5 billion equity round as Elon Musk's artificial intelligence startup races to compete with rival OpenAI, the Wall Street Journal reports. The investment follows xAI's merger with X and values the combined company at $US113 billion ($A172 billion), with the Grok chatbot now powering Starlink support and eyed for future integration into Tesla's Optimus robots, the report said. In response to a post on X about whether Tesla could also invest in xAI, Elon Musk said on Sunday "it would be great, but subject to board and shareholder approval" - without confirming or denying the Journal report on SpaceX's investment plans in xAI. SpaceX, xAI and Tesla did not immediately respond to requests for comment. Reuters could not immediately confirm the newspaper report. Despite recent controversies involving Grok's responses, Musk has called it "the smartest AI in the world" and xAI continues to spend heavily on model training and infrastructure.
7NEWS
23-06-2025
- Sport
- 7NEWS
Wild scenes as jockey Leandro Henrique celebrates early in Group 1 Grande Premio Brazil thriller
A Brazilian jockey has narrowly avoided disaster after holding on to win his country's biggest race despite celebrating very early. Leandro Henrique saluted aboard Sinzel in the Group 1 Grande Premio Brasil in Rio de Janeiro on Sunday. But it very nearly went haywire when he became a little too confident some 50m away from the post. Thinking he had seen off his only challengers, Henrique stood up on his horse and celebrated towards the grandstands. Incredibly, he lucked out. He never seemed to realise Wilkley De Xavier had ridden Valparaiso up the inside. Replays showed Sinzel won by a nose while Henrique was still standing with one arm outstretched. As well as being the biggest race in Brazil, the Grande Premio also offers the winner a berth in the $US5 million ($A7.7m) Breeders' Cup Turf.
