Elon Musk’s X Secures 12 Money Transmitter Licenses — X.AI to Raise $1 Billion in Equity Offering

Elon Musk’s social media company, X, has obtained 12 money transmitter licenses across the United States. Furthermore, his artificial intelligence (AI) company, X.AI, stated in a filing with the U.S. Securities and Exchange Commission (SEC) its intention to raise $1 billion in an equity offering.

X Obtains 12 Money Transmitter Licenses

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

In October, Musk unveiled his plan to turn X into a powerful financial platform. The Tesla boss stated in November last year that X could offer “an extremely compelling money market account,” debit cards, checks, and loan services. He recently detailed: “When I say payments, I actually mean someone’s entire financial life … If it involves money. It’ll be on our platform. Money or securities or whatever. So, it’s not just like send $20 to my friend. I’m talking about, like, you won’t need a bank account.”

The billionaire previously said that he plans for X to be “the everything app,” emphasizing that his purchase of social media platform Twitter is an accelerant to the creation of X. Moreover, he has confirmed that none of his companies will launch a crypto token.

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

Musk’s AI company, X.AI Corp., filed Form D, a Notice of Exempt Offering of Securities, with the SEC on Tuesday.

According to the filing, X.AI plans to raise $1 billion through an equity offering. The company has already secured nearly $135 million from four investors, with the first tranche of shares sold on Nov. 29. Additionally, the filing states that X.AI has a binding agreement for the purchase of the remaining shares.

The Tesla chief registered X.AI Corp. in March. The following month, Musk announced a plan to create an AI platform called “Truthgpt” that would rival Chatgpt and other similar products. The AI startup, whose website states its mission as “understanding the true nature of the universe,” released a chatbot called Grok last month, inspired by “The Hitchhiker’s Guide to the Galaxy.”

What do you think about X obtaining money transmitter licenses across the U.S. and X.AI seeking to raise $1 billion in an equity offering? Let us know in the comments section below.