Musk sells X to his own XAI company for $33b

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.

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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.

Musk, who serves as CEO of Tesla and SpaceX as well as an advisor to President Donald Trump, bought the site then called Twitter for $44 billion in 2022, gutted its staff and changed its policies on hate speech, misinformation and user verification and renamed it X. He launched xAI a year later. "xAI and X's futures are intertwined. Today, we officially take the step to combine the data, models, compute, distribution and talent."