Elon Musk on X (Twitter): ‘None
& xAI is not associated with any such crypto token. Please be careful ⚠️
The billionaire took to his own social media platform, X, to shut down speculation around a native crypto token from one of his businesses.
On Friday evening, Tesla CEO Elon Musk vociferously denied that any of his companies will ever issue a cryptocurrency, after months of feverish speculation that the tech tycoon was toying with the idea of launching a crypto token.
To be super clear, none of my companies will ever create a crypto token," Musk said on Twitter, now known as X, in response to a post warning that Musk's new artificial intelligence company – known as xAI – had no affiliation with the XAI token.
On Friday, Musk told X users about the launch of his AI startup xAI, which will provide X Premium+ subscribers with artificial intelligence features. However, the news also resulted in a 175% price spike for the XAI token, which is entirely unrelated to Musk's AI venture.
Musk, a noted crypto influencer whose tweets are known to boost popular cryptocurrencies like Dogecoin, declared on Twitter, now known as X, that he was not in the market to create a crypto token. The billionaire pointed out that none of his companies – X, Tesla, SpaceX, Neuralink, xAI, or The Boring Company – were interested in this venture.
In the past, Musk has been sued for pumping cryptocurrencies like Dogecoin, with at least one group of Dogecoin investors alleging the tech icon engaged in "transparent cryptocurrency market manipulation" to materially benefit himself.
Through lawyers, Musk has denied these claims of boosting crypto for his own monetary gain. "There is nothing unlawful about tweeting words of support for, or funny pictures about, a legitimate
$DOGE $BTC $BNB