TECH - Believers Back Musk's xAI: Cathie Wood's Ark Tesla Bull Munster Reveal Taking Stakes As 'The Elon Factor' Beckons | Benzinga
Elon Musk‘s xAI, which recently raised $6 billion in a fresh funding round, has attracted significant capital from some of the most notable supporters of the tech billionaire and his ventures, including Tesla.
Ark Joins Investors: Cathie Wood‘s Ark Invest, managing several actively managed exchange-traded funds and the ARK Venture Fund, announced an investment in xAI, as of May 26. According to Ark’s website, the venture fund is an “evergreen public-private crossover fund” holding shares of companies throughout their private and public market lifecycles, from early stage to large cap.
In an interview with Bloomberg, Ark Chief Futurist Brett Winton said the stake represents about 2% of the fund’s holdings. The ARK Venture Fund also holds stakes in Tesla, X Corp. (the social media platform owned by Musk), and OpenAI, collectively making up 4% of the fund’s weighting.
Wood, a staunch supporter ...