Elon Musk sells X to his AI firm xAI for $33 billion in all-stock deal

Elon Musk has sold social media site X to his own xAI artificial intelligence company in a $33 billion all-stock deal, the billionaire announced on Friday.

Both companies are privately held, which means they are not required to disclose their finances to the public.

Musk said in a post on X that the move will unlock immense potential by blending xAI’s advanced AI capability and expertise with X’s massive reach. He said the deal values xAI at $80 billion and X at $33 billion.