On Monday, Tesla AND SpaceX CEO Elon Musk said the latest prediction from venture capitalists who had previously been bullish on cryptocurrency and then artificial intelligence may be correct.
What happened: One person up Xpreviously Twitterof which he calls himself Daniel on the platform, shared a meme stating, “Every VC that went from bullish on crypto to bullish on AI, but is now becoming bullish on hardware and manufacturing.”
The meme said, “I support the current thing.”
In response, the tech billionaire said that this time “they’re right.”
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Because it is important: In a Spaces conversation with ARK Investment Management CEO Cathie Wood last year Musk spoke about his philosophy on the role of investors in business. “Every investor you add is an ally,” he said, adding: “It’s nice to have more allies.”
The Tesla CEO’s diverse portfolio includes The boring society, Neuralink Corp., Xpreviously Twitter AND xAI Corp. “In all my companies over the years, I have never lost money to an investor, not once,” Musk said at the time, referring to his track record spanning more than 100 funding rounds.
In August 2023, it was reported that Musk-backed Neuralink received $280 million in funding from Peter Thiel’s Founders’ Fund. Thiel’s venture capital firm also invests in several other private companies linked to Musk, including SpaceX and The Boring Company.
The high-profile Musk-led Twitter acquisition involved a group of 19 investors including Andreessen-Horowitz venture capital fund, Oracle founder Larry Ellison, Redwood capitalAND Ron Barone.
However, a year after the acquisition, the investment reportedly performed poorly, with investors seeing their holdings depreciate by approximately $4.6 billion.
Photo courtesy: Shutterstock.com
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