Mr. Musk says his AI business is “not raising funds” — Dogecoin declines | CoinDesk JAPAN

Dogecoin (DOGE) soared in the U.S. on the 6th after technology entrepreneur Elon Musk said his artificial intelligence (AI) startup xAI was “not raising funds.” It started to fall back in the morning.

Dogecoin fell to $0.10, down 1.1% in the past hour. The stock was up 14% the day before, but is now rebounding.

In a filing with the Securities and Exchange Commission (SEC) first reported by CoinDesk, xAI (known in legal documents as X.AI) has raised up to $1 billion (145 billion yen, at an exchange rate of 145 yen to the dollar). Dogecoin soared 7% on Wednesday after indications that it may be trying to raise funds. xAI had already raised $134.7 million in funding.

Coupled with Musk’s apparent enthusiasm for Dogecoin, his comments and posts have historically been a driving factor for Dogecoin’s rise. Musk hinted at Dogecoin payments on Twitter (now known as X) in April, suggesting Dogecoin as one of the payment options for Twitter Blue, a subscription service with access to premium features.

Musk’s electric car company Tesla already accepts Dogecoin payments for purchases at its Tesla Store.

｜Translation and editing: Rinan Hayashi
｜Image: Daniel Oberhaus/Flickr
｜Original text: Elon Musk Halts Dogecoin Surge by Saying His AI Business Is ‘Not Raising Money’