Following months of frantic rumors that the tech tycoon was playing around with the idea of launching a cryptocurrency token, Tesla CEO Elon Musk strongly denied on Friday night that any of his companies will ever issue a cryptocurrency.
In response to a post cautioning that Musk’s new artificial intelligence company, known as xAI, had no affiliation with the XAI token, Musk wrote, “To be super clear, none of my companies will ever create a crypto token.” Musk is now using the Twitter handle X.
X users were informed by Musk on Friday about the launch of his artificial intelligence startup, xAI, which will offer artificial intelligence features to X Premium+ subscribers. Nevertheless, the announcement also caused the price of the XAI token to rise by 175%; this has nothing to do with Musk’s AI project.
On Twitter, now known as X, Elon Musk, a well-known cryptocurrency influencer whose posts are known to promote well-known cryptocurrencies like Dogecoin, stated that he was not interested in creating a cryptocurrency token. The billionaire made note of the fact that none of his businesses, including The Boring Company, Tesla, SpaceX, X, Neuralink, and xAI, were interested in this project.
The Marvu Inu memecoin, a cryptocurrency that gains enormous popularity on the internet, saw a 400% price increase this past week as a result of Musk’s tweet about it.
At least one group of Dogecoin investors has accused the tech icon of engaging in transparent cryptocurrency market manipulation to materially benefit himself. Musk has previously been sued for pushing cryptocurrencies like Dogecoin.
Musk has refuted these allegations that he is promoting cryptocurrency for personal financial benefit through the help of lawyers. According to Musk’s legal team in 2022, tweeting supportive remarks or amusing images of a genuine cryptocurrency that is still valued at close to $10 billion is not illegal.
