X.AI Files With SEC to Raise Up to $1B in Equity Offering – X.AI Corp., supported by Tesla’s CEO and X proprietor Elon Musk, is seeking to secure up to $1 billion through a securities offering, as indicated by a regulatory filing submitted on Tuesday to the U.S. Securities and Exchange Commission. The filing notes that Musk, who assumed control of Twitter and rebranded it as X, holds the roles of executive officer and director at X.AI.
Earlier reports indicate that in April 2023, during Musk’s integration of Twitter into X Corp., he concurrently registered X.AI Corp. as an artificial intelligence startup. Following this, Musk established xAI, his personal company with the aim of understanding the universe. The announcement prompted some crypto users to spin up scores of “X” tokens on multiple blockchains.
Yet, Musk remains closely monitored in the cryptocurrency sector, given Tesla’s early role as a significant corporate purchaser of bitcoin (BTC) and X’s prominent position as a hub for information exchange within blockchain companies. The wealthy entrepreneur has consistently shared posts about dogecoin (DOGE), the meme token featuring the Shiba Inu breed.
Occasionally fueling speculation that Musk might consider adopting or promoting the digital asset as a form of payment. Following report, the price of DOGE seemed to surge, with a 7.4% increase in the past 24 hours as of press time. As outlined in Tuesday’s filing, there are intentions to proceed with a sale of equity securities. As per the filing, the company has sold $134.7 million of the securities, leaving $865.3 million yet to be sold.