Elon Musk-Backed X.AI Raises $1B in Equity Offering, Files with SEC.

In a notable development, X.AI, a startup supported by Elon Musk, has successfully raised $1 billion in an equity offering and officially filed with the Securities and Exchange Commission (SEC). The substantial funding signals a significant milestone for the company as it advances in its endeavors under the backing of the renowned entrepreneur Elon Musk.

Elon Musk-Backed X.AI Raises $1B in Equity Offering, Files with SEC.

X.AI Corp., an artificial intelligence startup backed by Elon Musk, has filed with the U.S. Securities and Exchange Commission (SEC) to raise up to $1 billion in an equity securities offering. The company has already sold $134.7 million of the securities, leaving $865.3 million to be sold.

According to the regulatory filing, the minimum investment accepted from any outside investor is $2 million. Musk, who recently took over Twitter and renamed it X, is listed as an executive officer and director of X.AI. Another executive listed is Jared Birchall, the manager of Elon Musk‘s family office, who has a background with Goldman Sachs, Merrill Lynch, and Morgan Stanley.

X.AI made headlines in April 2023 when Musk merged Twitter into X Corp. and registered X.AI as an artificial intelligence startup. Musk also established his own company, xAI, with a mission to “understand the universe.” This announcement sparked the creation of numerous “X” tokens on various blockchains by crypto users.

Elon Musk’s involvement in the crypto industry has garnered significant attention. Tesla became one of the first major corporate buyers of bitcoin (BTC), and X has emerged as a prominent platform for information exchange among blockchain companies. Musk’s tweets about dogecoin (DOGE), a meme token featuring the Shiba Inu breed, have occasionally sparked speculation about potential adoption or promotion of the digital asset as a form of payment.

Following the news of X.AI’s equity offering, the price of DOGE experienced a 7.4% increase in the past 24 hours. Musk’s ventures and interests continue to captivate the crypto community, with his involvement often influencing market dynamics.

X.AI’s equity offering marks a significant step in the development and funding of the AI startup. With Musk’s support and the substantial amount of capital raised, X.AI is poised to make further strides in the field of artificial intelligence and potentially contribute to advancements in various industries.

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