ALBAWABA – The market value of Elon Musk's Neuralink start-up grew to around $5 billion by means of privately executed trades, Reuters reported Monday.
Two years ago, the brain implant start-up was valued at close to $2 billion in a private fundraising.
Recent purchases by bullish investors boosted the value of Elon Musk’s Nueralink, sources told Reuters. Especially after the United States (US) Food and Drugs Administration (FDA) approved the brain chip for human trials, on May 25.
Nonetheless, it will likely be years before Neuralink secures a clearance for commercial use, experts have told Reuters.
The start-up’s valuation fell short from the target of $7 billion, as privately marketed by Nueralink to investors, according to Reuters, at $55 a share. However, the news agency said they were not able to confirm as to whether or not investors were in fact found at this price.
Elon Musk’s Neuralink brain chip is said to allow for speedy and relatively convenient insertion of devices to treat obesity, autism, depression, schizophrenia, and more, the tech billionaire claimed.
His claim, on an "Artificial Intelligence" podcast with Lex Fridman, some four years ago, that the chip can “solve” autism stirred uneasy public sentiments at the time, according to the Business Insider.
The Tesla and SpaceX CEO, Elon Musk, also said Neuralink’s cup can also be used for web surfing and even telepathy. But for now, he said, the Neuralink chip – hopefully – would be able to help paralyzed patients communicate through computerized text, without typing.
