Elon Musk's X.AI Gains 12 Money Transmitter Licenses, Aiming to Raise $1 Billion through Equity Offering

X Obtains 12 Money Transmitter Licenses

Elon Musk’s social media platform X, formerly known as Twitter, has successfully acquired transmitter licenses in 12 U.S. states. These states include Arizona, Georgia, Iowa, Kansas, Maryland, Michigan, Mississippi, Missouri, New Hampshire, Rhode Island, South Dakota, and Wyoming.

Musk has expressed his vision to transform X into a robust financial platform. He envisions the platform offering various financial services such as a money market account, debit cards, checks, and loans. This is not limited to simply sending money to friends but includes managing an individual’s entire financial life without the need for a traditional bank account.

Musk has emphasized that his acquisition of Twitter is a crucial step towards the realization of his “everything app” concept. It is important to note that none of Musk’s companies plan to launch a cryptocurrency token.

X.AI Seeks to Raise $1 Billion, SEC Filing Shows

In a recent filing with the U.S. Securities and Exchange Commission (SEC), Musk’s AI company, X.AI Corp., disclosed its intention to raise $1 billion through an equity offering. The company has already secured around $135 million from four investors, with the first tranche of shares sold on November 29th. There is a binding agreement in place for the purchase of the remaining shares.

Musk established X.AI Corp. in March and subsequently announced plans to create an AI platform called “Truthgpt.” This platform would directly compete with existing products such as Chatgpt. X.AI Corp. also released a chatbot named Grok, inspired by “The Hitchhiker’s Guide to the Galaxy,” last month. Their mission, as stated on their website, is to understand the true nature of the universe.

Hot Take: Elon Musk’s Financial Vision Takes Shape

Elon Musk’s latest moves in the financial realm are gaining traction. With the acquisition of money transmitter licenses across multiple states for his social media platform X, Musk is positioning X as a comprehensive financial platform. His plans include offering various financial services beyond traditional money transfers.

Additionally, Musk’s AI company, X.AI Corp., is on track to raise $1 billion, with $135 million already secured. This significant funding will support the development of an AI platform that rivals existing products and aims to uncover the true nature of the universe.