Tesla (NASDAQ: TSLA) CEO Elon Musk has addressed the possibility of launching a cryptocurrency at a time the executive ranks among the most influential individuals in the space. 

Musk made the declaration after it emerged that there were reports alleging that X (formerly Twitter) had launched a crypto token. The reports about the token escalated after Twitter, acquired by Musk in 2022, began rebranding to X.  

In response, in a post on August 5, Musk ruled out the possibility of the company ever launching a cryptocurrency, stating, “And we never will.” 

This after an X user, pseudonymously known as Doge Designer, raised caution among users, advising them to be wary of reports claiming X had introduced a cryptocurrency.