A SEC filing indicates that Elon Musk-backed X.AI may raise up to $1 billion in equity
There has been a sale of securities worth $134.7 million, according to the filing.
According to a regulatory filing, Elon Musk, the CEO of Tesla and owner of X, is supporting X.AI Corp., which is looking to raise up to $1 billion through an equity securities offering.
An SEC filing shows that the firm has raised $134.7 million from the sale of the securities so far, with $865.3 million still up for grabs. Two million dollars is the bare minimum that any outside investor may put in.
Musk, who rebranded Twitter as X after acquiring the company, is listed as an executive officer and director of X.AI in the filing.
Elon Musk’s family office manager, Jared Birchall, a former executive at Goldman Sachs, Merrill Lynch, and Morgan Stanley, is also named as an executive.
An article from April 2023 on CoinDesk said that Musk filed X.AI as an AI firm, and at the same time, he merged Twitter into X Corp. In an effort to “understand the universe,” the CEO went on to establish his own firm, xAI.
Some cryptocurrency investors responded to the news by creating a flood of “X” coins on other networks. As X is such a key platform for information sharing among blockchain businesses and as Tesla was one of the first large corporate owners of bitcoin (BTC), Musk is carefully watched in the crypto sector.
Dogecoin (DOGE) is a meme token based on the Shiba Inu breed. The billionaire entrepreneur has blogged about it often, leading some to wonder whether he would use it or promote it as a payment option.
Following the news’s publication on CoinDesk, the price of DOGE surged. As of this writing, the token has gained 7.4 percent from the previous day.