Elon Musk's AI company buys X in blockbuster $33B stock deal

Elon Musk’s artificial intelligence company xAI has acquired the tech billionaire’s social media platform X in a blockbuster deal that values X at $33 billion.

The Tesla and SpaceX CEO made the announcement on the social media platform on Friday and said the deal was an all-stock transaction that will unlock immense potential by blending xAI’s advanced AI capability and expertise with X’s massive reach.

He said the combination values xAI at $80 billion and X at $33 billion, or $45 billion less than its $12 billion debt.