Elon Musk has clarified that none of his companies, including Tesla and SpaceX, will ever create or launch a cryptocurrency token. This statement comes in response to a crypto token called XAI, which led to confusion due to its resemblance to Musk's artificial intelligence company's name, X.


Elon Musk, the CEO of Tesla and SpaceX, has confirmed that none of his companies will ever create or launch a cryptocurrency token. This clarification was prompted by a crypto token called XAI, which could be easily mistaken for Musk's artificial intelligence company's name, X.


Musk's statement came in response to a warning by a user on his social media platform, X. The user cautioned followers that Elon Musk and his company, xAI, were not associated with any such crypto token. Musk emphasized that none of his companies, including Tesla and SpaceX, would be involved in launching a cryptocurrency token.


This is not the first time Musk has distanced himself and his companies from crypto token issuance. In a previous incident in August, warnings were issued about articles associating cryptocurrencies with Musk's X platform, which was formerly known as Twitter. Musk made it clear that neither he nor his companies had launched or had any plans to launch a crypto token.


While Musk has confirmed his company's non-involvement in cryptocurrency token issuance, he has publicly shared his personal holdings of cryptocurrencies. He revealed that he personally owns Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE). Additionally, his electric car company, Tesla, holds a substantial amount of Bitcoin on its balance sheet. Musk has been a vocal supporter of Dogecoin, considering it the "people's crypto." SpaceX, his aerospace company, has also invested in Bitcoin.


Musk has ambitious plans for his social media platform, X, intending to transform it into a powerful financial platform by the end of the next year. He envisions it as a comprehensive financial hub that covers various aspects of people's financial lives, eliminating the need for traditional bank accounts. X is actively working to obtain money transmission licenses across the United States to offer a wide range of financial services. Musk hopes to secure the required licenses in the coming months.


(Kevin Helms, Bitcoin News, 2023)