Elon Musk Has Stepped Away From DOGE. He Still Has Plenty Going On

Elon Musk may be spending more time at Tesla—but there’s plenty going on at his other businesses, too. 

The Financial Times earlier Monday reported that xAI, known in part for the AI chatbot Grok, seeks to raise $300 million at a company valuation of $113 billion in a deal that would let employees sell shares. (That’s in line with the blended valuations of xAI and the social network X the companies shared at the time of the announcement of their combination in March.) 

Later Monday another Musk business, Neuralink, said it had raised $650 million. The announcement followed a Semafor report late last month saying that it had raised $600 million at a $9 billion valuation.

Neither xAI nor Neuralink responded to Investopedia‘s requests for comment in time for publication. Musk’s other businesses include SpaceX, the rocket and satellite company.

Musk lately has made headlines for stepping back from his government work: Last week he said he was no longer working with the Department of Government Efficiency (DOGE), although President Donald Trump later said he would remain a “friend and advisor.”

The news has been of particular interest to investors in Tesla (TSLA), shares of which remain down for the year but have bounced off early 2025 lows. Sagging first-quarter auto sales have weighed on the stock; Musk has sought to cast the company as a technology firm that does much more than make cars; and watchers of the EV maker expect it to pass some milestones this month, with an Austin, Texas, robotaxi launch due later this month.

Tesla shares were down 1.5% in recent trading at around $341.

This article has been updated since it was first published to incorporate the Neuralink announcement and update share price information.