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.

Elon Musk's xAI Holdings is in discussions with investors to raise about $20 billion, Bloomberg News reported Friday. The funding would value the company at over $120 billion, according to the report.

Elon Musk's AI venture, called xAI, is looking to boost its funding by around $20 billion. According to a report by Bloomberg, the fresh round of funding might be allocated towards reducing the debt Elon Musk incurred during his takeover of Twitter,