Here's your Forbes Daily Briefing for Tuesday, January 20th.

Today on Forbes, Elon Musk closes in on $800 billion net worth after XAI's latest funding

round.

Elon Musk is on the verge of becoming the first person ever worth $800 billion.

Musk's X-A-I holdings raised $20 billion from private investors at a $250 billion

valuation earlier this month. Forbes just confirmed. That's up from the $113 billion

valuation Musk claimed when he merged his artificial intelligence

startup XAI with his social media company X, formerly Twitter, last March.

Forbes estimates that the deal boosted the value of Musk's 49% stake in XAI holdings by

$62 billion to $122 billion.

The world's richest person by far, Musk is now worth a record $780 billion as of Monday,

according to Forbes's real-time billionaires list.

Other billionaire investors in XAI, who got a big boost, include Saudi Arabia's

Prince Al-Walid bin Talal al-Saud, one of Twitter's earliest investors, Twitter co-founder

Jack Dorsey, and Oracle co-founder Larry Ellison, who contributed $1 billion to Musk's $44 billion takeover of Twitter

in 2022. Forbes estimates that Prince Al-Waleed owns a 1.6% stake in XAI holdings worth $4 billion,

excluding a larger stake held by his publicly traded Kingdom Holding Company, boosting his net worth to

$19.4 billion. Dorsey and Ellison, meanwhile, each now own an estimated 0.8% stake worth

$2.1 billion, increasing their fortunes to $6 billion and $241 billion, respectively.

XAI's latest funding round comes as the company has been spending aggressively amid the

artificial intelligence arms race, burning $7.8 billion of cash during the first nine months

of 2024, according to internal documents reviewed

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