Elon Musk’s X Ramps Up with Money Transmitter Licenses while X.AI Targets Billion Dollar Equity

Elon Musk, known for leading Tesla, is making big moves forward in both the social media and artificial intelligence sectors with his companies X and X.AI.

Starting with X, Musk’s foray into social media, the company has recently acquired 12 money transmitter licenses across various U.S. states, including Arizona, Georgia, Iowa, Kansas, Maryland, Michigan, Mississippi, Missouri, New Hampshire, Rhode Island, South Dakota, and Wyoming. This move is a part of Musk’s broader plan to turn X into a versatile financial platform. He envisions incorporating services such as money market accounts, debit cards, checks, and loan facilities, essentially centralizing all financial transactions on the platform. Musk’s goal for X is to become ‘the everything app,’ leveraging his acquisition of Twitter to expedite this process. He has also made it clear that X, along with his other companies, will not be entering the cryptocurrency market.

In parallel, Musk’s artificial intelligence venture, X.AI, is making headlines. The company, which was officially established in March, has filed a Notice of Exempt Offering of Securities with the SEC. According to this filing, X.AI is aiming to raise $1 billion through an equity offering. It has already gotten commitments close to $135 million from four investors, with the first set of shares sold on November 29. The remainder of the shares are under a binding agreement for purchase.

X.AI is not just another AI company. It has a bold vision to challenge existing AI platforms with its own offering, “Truthgpt.” This initiative positions X.AI to compete directly with services like ChatGPT. Last month, the company introduced a new chatbot named Grok, inspired by the iconic “The Hitchhiker’s Guide to the Galaxy.” This development aligns with the company’s mission to explore and understand the universe’s true nature.