Cathie Wood's Ark buys stake in Musk's xAI, Bloomberg News reports

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May 28, 2024 7:59 PM EDT

FILE PHOTO: Cathie Wood, founder and CEO of ARK Investment Management LLC, speaks during the Skybridge Capital SALT New York 2021 conference in New York City, U.S., September 13, 2021. REUTERS/Brendan McDermid/File Photo

(Reuters) - 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.

(Reporting by Chandni Shah in Bengaluru; Editing by Sherry Jacob-Phillips)


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