Elon Musk, who wreaked havoc on the cryptocurrency markets in mid-2021, will stay away from crypto in the next bull season. While this may not be seen as good news for most investors, those who remember what Musk did before the China bans in mid-2021 still shudder. The mischievous billionaire had said he would now focus on artificial intelligence instead of crypto, and that’s exactly what he’s doing.
X AI Secures Investment
“X AI,” the artificial intelligence company launched by Elon Musk shortly after unveiling the Grok AI chatbot on Twitter, has taken a new step. The company stated in its SEC filing that it aimed to raise $1 billion in equity. The company has already sold securities worth $134.7 million and announced that it will sell an additional $865.3 million. Early-stage investors are required to invest at least $2 million.
The company, supported by Tesla CEO Elon Musk and X, emerged in November with the rise of GPT.
In November 2022, internet users saw that artificial intelligence became something tangible and rushed into this field. Then we saw that Nvidia shares skyrocketed and tokens like FET and AGIX had strong rallies. By a strong rally, it is meant that prices roughly increased by 10 times.
While dealing with his new company, Musk will have little time for cryptocurrencies. With space missions, Tesla, X, and X AI, the mischievous billionaire seems to have no time left for the Dogecoin community.
As one of the first and largest institutional buyers, Tesla made history with Bitcoin in the previous bull season. Musk, who was heavily involved with GameStop, saw that the same community was flocking around Dogecoin. After that, he made posts on social media about cryptocurrencies, especially Dogecoin. Musk, who is already one of the most influential accounts on the platform, quickly became the most influential account. Then, before announcing the major bans in China citing environmental concerns, he forced the markets into a downturn.
Today, there is no longer any belief that Dogecoin will be brought to X as a payment method. Musk has long ignored cryptocurrencies, and looking back, this indifference actually seems to work in favor of investors.