Elon Musk's X secures 12 currency transfer licenses X.AI will raise $1 billion through a share offering

Elon Musk’s social media company, X, has secured 12 money transfer licenses in the United States. In addition, his artificial intelligence (AI) company X.AI said in a filing with the U.S. Securities and Exchange Commission (SEC) that it intends to raise $1 billion through a stock offering.

X Obtain 12 Currency Transfer Licenses

Elon Musk’s social media platform X (formerly Twitter) has reportedly received transmitter licenses in 12 US states: Arizona, Georgia, Iowa, Kansas, Maryland, Michigan, Mississippi, Missouri, New Hampshire, Rhode Island, South Dakota, and Wyoming.

In October, Musk unveiled plans to build X into a powerful financial platform. The TSL boss said last November that X could offer “highly attractive money market accounts,” debit cards, checking, and loan services. He recently elaborated: "When I say payment, I’m actually referring to someone’s entire financial life… If money is involved. It will appear on our platform. Money or securities or anything else. So, it’s not just as simple as sending $20 to my friend. What I’m saying is, you don’t need a bank account. ”

The billionaire has previously said that he plans to make X “an app for everything” and stressed that his acquisition of the social media platform Twitter is a catalyst for the creation of X. In addition, he also confirmed that none of his companies will launch crypto tokens.

SEC filing shows X.AI seeks to raise $1 billion

Elon Musk’s artificial intelligence company, X.AI Corp., filed a Form D with the SEC on Tuesday, a notice waiver of the issuance of securities.

According to the filing, X.AI plans to raise $1 billion through a stock offering. The company has raised nearly $135 million from four investors and sold its first batch of shares on Nov. 29. In addition, the filing states that X.AI entered into a binding agreement for the purchase of the remaining shares.

TSL CEO registered X.AI Corp. in March. The following month, Musk announced plans to create an artificial intelligence platform called “Truthgpt” that would compete with Chatgpt and other similar products. The AI startup’s website, which says its mission is to “understand the true nature of the universe,” released a chatbot called Grok last month, inspired by The Hitchhiker’s Guide to the Galaxy.

What are your thoughts on X’s acquisition of a money transfer license in the U.S. and X.AI’s quest to raise $1 billion through a stock offering?