Elon Musk Denies Future Creation of Crypto Tokens by His Companies

Elon Musk, the CEO of Tesla and SpaceX,

took to his social media platform X to confirm that none of his companies will ever venture into creating a cryptocurrency token. This clarification from Musk comes in response to concerns raised by a user on X regarding a crypto token named XAI, which could potentially be confused with Musk’s artificial intelligence company.

In a post on X, user Dogedesigner cautioned followers about the aforementioned crypto token, emphasizing that it has no affiliation with Elon Musk or his AI venture. Musk echoed this sentiment, affirming that his companies have no intentions of entering the crypto token space.

This is not the first instance where Musk has distanced himself and his companies from cryptocurrency token issuance. Back in August, Dogedesigner similarly cautioned against articles linking certain cryptocurrencies with Musk’s X platform (formerly Twitter), prompting Musk to reiterate that neither he nor his companies have any involvement in creating crypto tokens.

While Musk has disclosed his personal holdings in cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE), and Tesla has invested $184 million in Bitcoin, along with holding a small amount of Dogecoin, he has consistently emphasized that his companies will not issue their own tokens.

Musk has outlined ambitious plans to transform X into a robust financial platform by the end of the next year, aiming to encompass various aspects of individuals’ financial lives, including payments and securities management. The company is actively pursuing money transmission licenses across the U.S. to offer financial services to its users, with Musk expressing optimism about obtaining the necessary licenses in the coming months.

As Musk continues to navigate the realm of finance and technology with his ventures, stakeholders eagerly await further developments. What are your thoughts on Elon Musk’s assertion that his companies will abstain from creating crypto tokens? Share your views in the comments below.


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