Elon Musk’s xAI is launching a $300mn share sale that values the group at $113bn, as the world’s richest man returns to his business empire and the race to develop artificial intelligence.

Morgan Stanley is shopping a $5 billion debt package for Elon Musk's xAI and the artificial intelligence company is seeking a valuation of $113 billion in a share sale worth $300 million, according to media reports on Monday.

Elon Musk's artificial intelligence startup xAI is pursuing a $300 million share sale that would value the combined entity at $113 billion.