Elon Musk's xAI Holdings is in talks with investors to raise roughly $20 billion in funding for his newly combined artificial intelligence startup and social media business, Bloomberg News reported on Friday,

Elon Musk’s XAI Holdings is in talks with investors to raise roughly $20 billion in funding for his newly combined artificial intelligence startup and social media business, according to people familiar with the matter.

Telsa (NASDAQ:TSLA) this week reported a dismal quarterly performance, but investors still rewarded the stock after top boss Elon Musk promised to return his focus to the company from his government advisory role and said the firm's robotaxi and artificial intelligence ambitions remained on track.