None of My Companies Will Ever Create A Crypto Token

On Friday, November 3, Elon Musk announced that his new startup xAI will debut artificial intelligence. “Tomorrow, xAI will release its first AI to a select group,” Musk posted on X, formerly known as Twitter. “In some important respects, it is the best that currently exists.”

Elon Musk Denies Plans for Crypto Token

However, the development led to a strong rally in the price of XAI Corp. aka XAI crypto token which shot up by a staggering 175% as most people confused it with having some sort of connection with Elon Musk’s xAI venture. At press time, the XAI crypto token is trading 164% up at $0.003216 with the 24-hour trading volume shooting by 13300% to over $2.04 million.

Popular crypto analyst DogeDesigner pointed out this development cautioning retail players to not get caught up in this frenzy. Elon Musk too was quick to respond to it stating: “To be super clear, none of my companies will ever create a crypto token”. However, there have been reports that Elon Musk might bring a crypto wallet for X users.

To be super clear, none of my companies will ever create a crypto token

— Elon Musk (@elonmusk) November 4, 2023

More About Elon Musk’s AI Startup xAI

By announcing the launch of xAI artificial intelligence, it’s clear that Elon Musk is taking a head-on AI battle with Open AI and Google.

In July, Elon Musk revealed his AI startup’s ambitious goal to “uncover the fundamental truths of the universe,” potentially positioning it as a competitor to firms like OpenAI, Google, and Anthropic, creators of leading chatbots such as ChatGPT, Bard, and Claude.

Musk’s venture reportedly acquired a substantial number of high-performance GPU processors from Nvidia this spring, essential for building extensive language models like OpenAI’s ChatGPT and Google’s Bard.

Musk also unveiled his plans for a novel AI tool named “TruthGPT” in April during a televised interview on Fox News Channel, expressing concerns about the prevailing AI landscape focusing on “politically correct” systems.

The startup, co-founded by Greg Yang, intends to explore the “mathematics of deep learning” within the realm of AI and develop the “theory of everything” for large neural networks, aiming to propel AI to new heights. Interestingly, Elon Musk is planning to leverage the X platform for early testing of xAI and its features.

As soon as it’s out of early beta, xAI’s Grok system will be available to all X Premium+ subscribers

— Elon Musk (@elonmusk) November 4, 2023

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.