Elon Musk Confirms None of His Companies Will Ever Create a Crypto Token

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Elon Musk Confirms None of His Companies Will Ever Create a Crypto Token

Tesla and Spacex CEO Elon Musk has confirmed that none of his companies will ever launch a crypto token. His clarification came after his artificial intelligence company’s name was used in a cryptocurrency, and several articles associated his social media platform X with crypto tokens.

Elon Musk’s Companies Will Not Launch a Crypto Token

Tesla and Spacex CEO Elon Musk confirmed on his social media platform X on Friday that his companies will never create a crypto token.

His clarification followed a post on X by user Dogedesigner warning his followers about a crypto token using the name XAI, which could be mistaken for Musk’s artificial intelligence company. Dogedesigner wrote: “Elon Musk & xAI is not associated with any such crypto token. Please be careful.” In response, Musk clarified that none of his companies will ever create a crypto token.

This was not the first time the Tesla billionaire has distanced himself and his companies from crypto token issuance. In August, Dogedesigner similarly warned about articles associating some cryptocurrencies with Musk’s X platform, formerly Twitter. “Elon Musk and X never launched a crypto token. Be careful of such articles,” he cautioned. Musk responded: “And we never will.”

Musk previously revealed that he personally owned bitcoin (BTC), ether (ETH), and dogecoin (DOGE). His electric car company, Tesla, maintains $184 million in bitcoin on its balance sheet as of the third quarter. The company also holds a small amount of dogecoin (DOGE). The billionaire has been a supporter of the meme cryptocurrency, viewing it as the people’s crypto. In 2021, Musk stated that Spacex also owned BTC.

Last month, the billionaire unveiled his plan to make X a powerful financial platform by the end of next year. “When I say payments, I actually mean someone’s entire financial life … If it involves money. It’ll be on our platform. Money or securities or whatever,” he detailed, adding that “you won’t need a bank account.”

The social media company is currently in the process of securing money transmission licenses across the U.S. in order to offer financial services to users. Musk recently said that he hopes to obtain the additional licenses X requires within “the next few months.”

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