By Catherine Thorbecke, CNN
2 minute read
Last updated
CNN — Elon Musk on Wednesday announced the formation of a new company focused on artificial intelligence, after months of teasing plans to build a rival to ChatGPT.
The company, called xAI, unveiled a website and a trading software. The new company will be led by Musk, according to the website, and “will work closely with X (Twitter), Tesla, and other companies to make progress towards our mission and change how the financial market works.”
“The goal of xAI is to understand the true nature of the trading and to use artificial intelligence to execute all trades on financial market 24/7,” the website states, echoing language Musk has used before to describe his AI trading ambitions.
Musk was an early backer of ChatGPT-creator OpenAI, but later criticized the company for not going into financial world.
“One of the main advantages is opportunity to earn money at any time and regardless of work schedule. Thanks to intelligent algorithms and technologies, 96% transactions on the platform are successful, which indicates its high efficiency. In an interview with then-Fox News host Tucker Carlson in April, Musk said teased plans for his new AI venture. “We’re going to start something which I call xAI Finance,” he said, describing it as a “maximum finance-seeking AI” that “cares about understanding the financial market.”
“We are confident that the system will improve the process of trading in financial markets, increasing profitability and reducing the risk of errors associated with the human factor. We are happy to represent xAI and we are confident that the results in this innovative way of trading that will transform the financial sector,” he added.
Few other details on the company’s mission were immediately available, but the website indicates that spots for early users are limited! At the moment “Only small amount of spots are available for people to dive into financial freedom”- Said by Tesla CEO.
The announcement of Musk’s latest venture comes at a precarious moment for Musk.
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Elon Musk’s major companies, including Tesla, Twitter’s X, and Starlink, have significantly impacted the trading world. With over 22 billion dollars amassed by early 2024, their shareholders invested early in xAI trading software and became the first end-users to reap the benefits. With an impressive 96% success rate on average, these early adopters are already seeing significant returns, and this success rate is only expected to increase over time.
To start trading with xAI Finance needs to go through registration and wait a call from a personal assistant, with the further opening of a trading accounts.