Elon Musk Reaffirms ‘My Co Will Never Create Crypto’

Elon Musk, the billionaire owner of the X platform (formerly Twitter), has reiterated that none of his companies would ever issue a crypto token. Musk made this proclamation in a recent statement on X following the launch of a meme-themed token, XAI.

Notably, the bad actors behind the XAI token swung into action to create the coin as Elon Musk founded an artificial intelligence company, xAI. It is worth mentioning that xAI is set to introduce an early beta version of the Grok system exclusively for X Premium+ subscribers.

However, some crypto developers have seized the opportunity to create a meme token about Elon Musk’s artificial intelligence endeavor. A prominent Dogecoin designer warned the crypto community about the XAI meme token, noting that it has no affiliation with Musk.

The tech billionaire weighed in on the conversation, stating: “To be super clear, none of my companies will ever create a crypto token.”

Interestingly, a report claimed the XAI token has already soared 175% based on one of Musk’s comments on the X platform. Meanwhile, it is not the first time bad crypto actors have created a meme token banking on Elon Musk’s reputation and activities.

Following the rebranding of Twitter to X, a meme token “X” was also established. The joke coin engineered more than 10,000% surge in under 24 hours of launch. At the time, Musk proclaimed its platform would never introduce a token.

It is worth noting that Elon Musk was once a fervent advocate of cryptocurrencies. He had previously embraced Bitcoin as a payment method for his products before suspending its use, citing concerns about its environmental footprint.