Elon Musk's X.AI Plans $1B Equity Offering, Files with SEC

• X.AI Corp. Raises Capital in Equity Securities Offering
• Musk's Role in X.AI Corp.
• Crypto, Elon Musk, and Artificial Intelligence
• DOGE Price Increase Following Announcement

X.AI Corp. Raises Capital in Equity Securities Offering

X.AI Corp., a company supported by Tesla CEO and X owner Elon Musk, is working towards raising a total of $1 billion through the offering of equity securities, as stated in a regulatory filing. To date, the company has managed to sell equity securities worth $134.7 million, leaving an additional $865.3 million yet to be sold as outlined in a submission to the U.S. Securities and Exchange Commission (SEC). The minimum investment accepted from any external investor stands at $2 million.

Musk's Role in X.AI Corp.

As per the filing, Elon Musk, after acquiring and rebranding Twitter to X, holds the positions of an executive officer and director at X.AI. It was reported earlier that Musk, in April 2023, merged Twitter into X Corp. and simultaneously registered X.AI as an artificial intelligence startup. Musk then set up xAI, a separate entity, with the intent to understand the universe.

Crypto, Elon Musk, and Artificial Intelligence

Musk has garnered significant attention in the realm of cryptocurrency, especially after Tesla became one of the first major corporations to purchase bitcoin (BTC) and given the presence of X as a prominent platform for blockchain companies to exchange information.

The renowned entrepreneur frequently posts about dogecoin (DOGE), a digital token themed after the Shiba Inu$0.000010 -2.05% breed. This has occasionally led to conjecture that Musk might adopt or endorse DOGE as a payment method, leading to a surge in its price.

DOGE Price Increase Following Announcement

The price of DOGE experienced a significant boost following the news, increasing by 7.4% over the past 24 hours.

Edited by Jonathan Stoker