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.

Elon Musk on Friday announced in a post on X that his artificial intelligence company, xAI, had acquired his social media platform, X, in an all-stock deal."The combination values xAI at $80 billion and X at $33 billion ($45B less $12B debt),

Elon Musk's artificial intelligence firm xAI acquired X in an all-stock deal valuing the social media company at $45 billion, minus $12 billion in debt.