Elon Musk’s social media company X has been granted 12 money transmission licenses in the U.S. In addition, his artificial intelligence (AI) company X.AI said in a filing with the U.S. Securities and Exchange Commission (SEC) that it intends to raise $1 billion through a stock offering.

X receives 12 money transmitter licenses

Elon Musk’s social media platform X (formerly Twitter) has reportedly received transmitter licenses from 12 US states: Arizona, Georgia, Iowa, Kansas, Maryland, Michigan, Mississippi, Missouri, New Hampshire, Rhode Island, South Dakota, and Wyoming.

In October, Musk unveiled plans to turn X into a powerful financial platform. The Tesla boss said in November that X could offer "very compelling money market accounts," debit cards, checking and loan services. He recently elaborated: "When I say payments, I actually mean someone's entire financial life... If there's money involved. It will appear on our platform. Money or securities or whatever. So, it's not just as simple as sending $20 to my friend. I'm saying, you don't need a bank account."

The billionaire has previously said that he plans to build X into an “everything app” and highlighted his acquisition of social media platform Twitter as an accelerator for the creation of X. In addition, he also confirmed that none of his companies will launch crypto tokens.

X.AI seeks $1 billion in funding, SEC filing shows

Musk’s artificial intelligence company X.AI Corp. on Tuesday filed a Form D, or notice of an exempt offering of securities, with the SEC.

X.AI plans to raise $1 billion through a stock offering, according to the filing. The company has raised nearly $135 million from four investors and sold the first batch of shares on November 29. In addition, the filing said X.AI has entered into a binding agreement to purchase the remaining shares.

The Tesla CEO registered X.AI Corp. in March. The following month, Musk announced plans to create an AI platform called “ TruthGPT ” that would compete with ChatGPT and other similar products. The AI ​​startup, whose website says its mission is to “understand the true nature of the universe,” last month released a chatbot called Grok that was inspired by The Hitchhiker’s Guide to the Galaxy.

What do you think of X obtaining a money transmission license in the US and X.AI seeking to raise $1 billion in equity offering? #ElonMusk #X.AI