X.AI, supported by Elon Musk, registers with the SEC to raise up to $1 billion through equity offering
December 5 2023
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X.AI Corp., a company with ties to Elon Musk, the CEO of Tesla and owner of X, is in the process of a massive $1 billion equity securities offering, as indicated by an SEC filing. They have already secured $134.7 million, with $865.3 million left to raise, setting a high entry bar with a $2 million minimum investment. Musk, who recently rebranded Twitter as X, holds a dual role as an executive officer and director at X.AI. Alongside him is executive Jared Birchall, a financial industry veteran. The registration of X.AI as an AI startup happened after Musk integrated Twitter into X Corp., under the mission to “understand the universe,” stirring interest in the crypto community. This has led to the creation of numerous “X” tokens and spiked dogecoin’s value due to Musk’s influence in the crypto space and his history of tweeting about the coin.
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What does it mean?
- Equity securities offering: A financial process through which a company raises capital by selling shares of stock to investors.
- SEC filing: A legal document submitted to the U.S. Securities and Exchange Commission that provides important information about a company's financial performance, operations, and business plans.
- Minimum investment: The smallest amount of money that an investor is allowed to invest in a financial product or security.
- Executive officer: A high-level management position responsible for executing the strategies and policies of a company.
- Director: A member of a company's board of directors responsible for overseeing and guiding the company's strategic direction.
- AI startup: A new business venture that focuses on developing and utilizing artificial intelligence technology.
- Crypto community: A group of individuals and entities interested in cryptocurrencies, blockchain technology, and related fields.
- "X" tokens: Cryptocurrency tokens that are likely named after or associated with the company or concept named "X"; these are not standard tokens and are specific to the context of the text.
- Dogecoin: A cryptocurrency featuring a likeness of the Shiba Inu dog from the "Doge" Internet meme as its logo. It is considered a more casual and meme-based cryptocurrency.
- Crypto space: The broader ecosystem of cryptocurrencies and blockchain technology, including the markets, development, trade, and regulation.
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