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Renowned CEO of Tesla and SpaceX, Elon Musk, has emphatically stated that his various enterprises will not engage in the creation or launch of cryptocurrency tokens. This declaration follows incidents where his AI company’s name was linked to a cryptocurrency and articles erroneously associated his social media platform, X, with digital tokens.
On Friday, Tesla and SpaceX CEO Elon Musk made a definitive statement via his social media platform X, affirming that his corporate ventures will not venture into the realm of cryptocurrency tokens.
This declaration stemmed from a concerned post by a user known as Dogedesigner on the platform, cautioning followers about a crypto token bearing the name XAI, which risked being misconstrued as a creation of Musk’s artificial intelligence company. In response to this, Musk reassured the community, stating that none of his companies will ever partake in the creation of cryptocurrency tokens.
This was not the first instance in which the Tesla magnate distanced himself and his companies from involvement in crypto token issuance. Back in August, Dogedesigner had similarly cautioned against articles that linked certain cryptocurrencies to Musk’s X platform, formerly known as Twitter. In a statement, Dogedesigner urged vigilance, emphasizing that “Elon Musk and X never launched a crypto token.” Musk, in response, had asserted, “And we never will.”
Musk had previously disclosed his personal holdings of bitcoin (BTC), ether (ETH), and dogecoin (DOGE). Meanwhile, Tesla, his electric vehicle corporation, reported $184 million in bitcoin on its balance sheet during the third quarter, along with a minor position in Dogecoin (DOGE). The billionaire has consistently expressed support for Dogecoin, considering it a cryptocurrency for the masses. He had also mentioned in 2021 that Spacex held bitcoin.
Recently, Musk revealed his ambitious plan to transform X into a formidable financial platform by the end of the upcoming year. He described the platform’s expanded role, stating, “When I say payments, I actually mean someone’s entire financial life… If it involves money, it’ll be on our platform. Money, securities, or any other financial instrument.” He further emphasized that “you won’t need a bank account.”
Presently, the social media company is actively working on obtaining money transmission licenses throughout the United States to offer financial services to its users. Musk has expressed his hope to secure the necessary licenses for X within the next few months.
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